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Officials of the Greater Noida Industrial Development Authority have stated that by the upcoming fiscal year, the land rates in different sectors of Greater Noida will be revised in order to bring it at par with current market rates. GNIDA has decided to divide the whole area into 4 zones and then frame land rates accordingly.
This move is intended to solve the disparity in price points in different locations in Noida. Till now, GNIDA has been charging residential plot allottees all over Noida a flat fee of INR 23,000 per Sq. Ft. This pricing was irrespective of the infrastructure and urban amenities in the region.
The Authority has divided Noida into zones A, B, C and D. The officials said that the blueprint is still being created, but Zone A would comprise of Alpha, Beta and Gamma-the oldest sectors of Greater Noida. Zone B would consist of Xu, Delta, Omicron and Mu. Zone C would cover areas currently under development, while zone D is not developed yet. The Authority expects this move to convince people to invest in Zone C and Zone D.
The revised land rates will be published in the next financial year, once the officials have conducted their surveys and decided upon the new rates. As the Authority offers subsidies on industrial and institutional plots, it does not consider revisiting the rates for these plots under this new initiative. However, the officials will study the allotment rates to check if the price points are in sync with the usual perception.
According to experts, this is a wise move as residential land rates should depend upon the economic density and the demography of the region. Pricing a plot in an area with well-developed amenities at the same rate as an underdeveloped region would be unfair and not feasible.
The residents, however, are cautious about the revision in allotment rates as they believe that the Authority might end up increasing the land rates in the older sectors while trying to balance the prices.
Apart from residential properties, the officials would also draw up final estimates on commercial property rates and office plots in Zone A and B to decide whether the price points match the general opinion.
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