The Greater Noida authority is finally segregating the geographical area of the city according to the development that took place in the region. In the Noida city, the most sought after land will now be located near Pari Chowk, Knowledge Park and other adjoining sectors that are close to metro routes.
The officials at Greater Noida Industrial Development Authority [GNIDA] said that such action is been taken for the first time in the past 27 years and the residential land allotment rates will also witness an increase between 5% to 15% in order to differentiate this area with others.
The authority will also collect revenues via transfer charges at the time of property resale.
Formed in the year 1992, the Greater Noida Industrial Development Authority and is famous as the twin city of Noida presently has a single land allotment rate of Rs. 23,000 per sq.ft. for the residential property
The authority is also planning to introduce segment-wise category division A, B, C, D and E. The land allotment rate for category ‘A’ is likely to be increased by 15 percent, while category ‘B’ and ‘C’ are likely to witness an increase of 10 and 5 percent respectively. Apart from this, segments ‘D’ and ‘E’ will have unchanged land allotment rate.
GNIDA’s CEO Narendra Bhooshan said that presently the revenue department has different circle rate and the differential allotment rates will be introduced after getting approval of the same in the meeting that is scheduled to take place in June.
He also said that the authority has sold most of the premium spaces but there will be an increase in the transfer rate as this will help us generate more revenue.