Noida Property Rate: The Noida Authority has approved a 6% increase in property rates effective from Tuesday. This hike applies to residential, group housing, institutional, industrial, and data center plots. Allocations and registrations will be updated according to these new rates, while rates for commercial and corporate office plots will remain unchanged. The decision follows a board meeting held on July 12, which ratified the rate increase. Implementation was initially delayed due to pending approval of the meeting minutes.
Impact On Property Transactions
The revised rates will be applicable citywide starting Tuesday, influencing transactions such as flat purchases, home constructions, and industrial setups. This adjustment marks the first increase since April 2023.
Categorization And Rate Adjustments
Noida Authority sectors are classified from A Plus to E, with commercial areas spanning categories A to D and industrial areas divided into Phases 1, 2, and 3. Residential plot rates across categories A to E (excluding A Plus) will see a 6% rise. Rates for industrial plots, group housing, and other properties will also increase by 6%.
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Pending Proposals
The board discussed two proposals during the meeting. The first involved the Max Builder project in Sector 16, with a resolution plan approved by NCLT, including an amount of ₹325 crore. The builder’s proposal to pay approximately ₹613.18 crore over three years contrasts with the Authority’s records showing an outstanding amount of around ₹2,257 crore, including interest and penalties. The board’s decision on this proposal is pending. Additionally, the Supernova project proposal included plans to secure a financier and establish an escrow account to address dues with the Authority, with further details to be provided.
