Noida, The board of the Greater Noida Industrial Development Authority (GNIDA) on Saturday approved a proposal to increase land allotment rates by 5.30 per cent for financial year 2024-25, according to an official statement.
GNIDA said that several developmental projects including Greater Noida West Metro, Multimodal Logistics Hub and Transport Hub are coming up in Greater Noida and Greater Noida West (also known as Noida Extension).
"In view of these developmental projects, asset allocation rates are determined for each financial year. The Board approves the proposal to increase the existing allocation rates for industrial, residential, commercial, institutional and builder properties by 5.30 per cent for the financial year. 2024-25,” it said.Terming the rate hike of 5.30 per cent as "minor", GNIDA said, "The Finance Department will soon issue an office order in this regard. The new rates will be considered effective from April 1."
In a meeting chaired by UP Infrastructure and Industrial Development Commissioner Manoj Kumar Singh in the presence of GNIDA CEO N G Ravi Kumar, the board also approved the amendment of its lump sum lease rent payment scheme to exclude residential properties. Has gone.
According to the statement, "Similar to Noida Authority, the Greater Noida Authority Board has decided to charge 15 times the annual lease rent for lump sum lease rent payment. Earlier, it was 11 times the annual lease rent.,
However, this decision will be implemented after three months. During this period, allottees who wish to make a lump sum lease rent payment can do so at 11 times the annual lease rent. Residential properties have been and will continue to be excluded from this change. Adhere to existing arrangements,” it added.
The authority board has approved additional FAR (Floor Area Ratio) within 500 meters of the proposed metro route from Noida to Knowledge Park-5 in Greater Noida West."This includes additional FAR of 0.5 for residential clusters, 0.2 for commercial, 0.2 to 0.5 for institutional, 0.2 for recreational/greenery and 0.5 for IT/ITES," GNIDA said.
The increased FAR allows additional construction on a given plot and thereby increases the population density in the area.
Meanwhile, the Board has also provided significant relief to those allottees who have not yet executed their lease deeds or received completion certificates for their residential plots/buildings due to various reasons.
"The Board has extended the deadline for execution of lease deed with late fee to October 30, 2024 and the deadline for obtaining completion certificate to June 30, 2026. This is for allottees in areas like Alpha, Beta, Gamma, Delta Provides another opportunity., Golden City, etc. after these deadlines, the allotment will be cancelled,” GNIDA said.
Apart from this, the board has fixed the rates for the increased area in the plots allotted under the farmer population category.
If the area of the plot increases by 10 per cent, the price will be determined based on the allotment rates of the nearest residential area with the approval of the additional CEO, and if the increase exceeds 10 per cent, the price will be determined with the approval of the nearest CEO. Determined on the basis of residential area allotment rates.
According to the statement, “Earlier there were difficulties in allotment due to lack of fixed rates for the increased area."
GNIDA said that several developmental projects including Greater Noida West Metro, Multimodal Logistics Hub and Transport Hub are coming up in Greater Noida and Greater Noida West (also known as Noida Extension).
"In view of these developmental projects, asset allocation rates are determined for each financial year. The Board approves the proposal to increase the existing allocation rates for industrial, residential, commercial, institutional and builder properties by 5.30 per cent for the financial year. 2024-25,” it said.Terming the rate hike of 5.30 per cent as "minor", GNIDA said, "The Finance Department will soon issue an office order in this regard. The new rates will be considered effective from April 1."
In a meeting chaired by UP Infrastructure and Industrial Development Commissioner Manoj Kumar Singh in the presence of GNIDA CEO N G Ravi Kumar, the board also approved the amendment of its lump sum lease rent payment scheme to exclude residential properties. Has gone.
According to the statement, "Similar to Noida Authority, the Greater Noida Authority Board has decided to charge 15 times the annual lease rent for lump sum lease rent payment. Earlier, it was 11 times the annual lease rent.,
However, this decision will be implemented after three months. During this period, allottees who wish to make a lump sum lease rent payment can do so at 11 times the annual lease rent. Residential properties have been and will continue to be excluded from this change. Adhere to existing arrangements,” it added.
The authority board has approved additional FAR (Floor Area Ratio) within 500 meters of the proposed metro route from Noida to Knowledge Park-5 in Greater Noida West."This includes additional FAR of 0.5 for residential clusters, 0.2 for commercial, 0.2 to 0.5 for institutional, 0.2 for recreational/greenery and 0.5 for IT/ITES," GNIDA said.
The increased FAR allows additional construction on a given plot and thereby increases the population density in the area.
Meanwhile, the Board has also provided significant relief to those allottees who have not yet executed their lease deeds or received completion certificates for their residential plots/buildings due to various reasons.
"The Board has extended the deadline for execution of lease deed with late fee to October 30, 2024 and the deadline for obtaining completion certificate to June 30, 2026. This is for allottees in areas like Alpha, Beta, Gamma, Delta Provides another opportunity., Golden City, etc. after these deadlines, the allotment will be cancelled,” GNIDA said.
Apart from this, the board has fixed the rates for the increased area in the plots allotted under the farmer population category.
If the area of the plot increases by 10 per cent, the price will be determined based on the allotment rates of the nearest residential area with the approval of the additional CEO, and if the increase exceeds 10 per cent, the price will be determined with the approval of the nearest CEO. Determined on the basis of residential area allotment rates.
According to the statement, “Earlier there were difficulties in allotment due to lack of fixed rates for the increased area."
