Authorities revise allotment prices: Real estate prices soon to escalate in Noida, G.Noida, YEW
Yamuna Expressway Development Authority, Noida development Authority and Greater Noida Industrial Development Authority have announced an absolute rise in allotment prices across all categories of land.
Buying property i.e., land or house will be costlier in Noida, Greater Noida and along the Yamuna Expressway. The revised prices will come into effect by the end of this week, after the authorities publish a formal notification.
Noida: Price outlook
The residential, group housing and institutional properties have increased by 15%, whereas commercial and industrial land rates have gone up by 30% and 11.25% respectively.
These revised rates will be passed on to the farmers as compensation for acquisition of their land, besides the host providing benefits to them.
Greater Noida: Price Outlook
After the revision, residential land price across all categories in Greater Noida have been uniformly increased by 8.53%.
Yamuna Expressway: Price Outlook
Comparatively Yamuna expressway will witness lesser hike in allotment rates for all the categories of land. The hike is expected to be about 15%. This hike is for residential properties in Yamuna Expressway, whereas allotment rate for industrial properties remains the same as last year.
The last revision took place in July 2012, where prices were increased by 40%. The revision of price for land and property is carried out every year in March. The price hike for allotment of the land is vital as the land costs for development will be higher.
According to real estate experts, Greater Noida Authorities are under a severe crunch; hence this hike of land price is especially important for them. Many of the projects in this area have stalled due to the farmer’s agitation.
Areas under revised price rates:
The sectors of Noida have been segregated into categories. Allotment rate rise in category A where sectors like 14,14A, 15A, 17 and 44 fall was at Rs 8,115 per sq. m. Around Rs 2,950 is set for category E i.e., sectors like 102,115 and 158.
Although the housing group properties in Noida are costlier by around Rs 11,065 per sq. m. for A category areas, the E category zones have increased to Rs 4,180 per sq. m.
The institution categories for IT/ITES properties, Noida will sell out for Rs 33,940 per sq. m. now. The allotments rates for industrial plots in Phase I and III is Rs 20,990 and Rs 7,740per sq. m. respectively.
For Greater Noida residential plot prices have increased by almost Rs 1,592 per sq. m. while for commercial land an extra Rs 3,155 will be charged and Yamuna Expressway Industrial Development Authorities have also increased prices between 14 to 18 per cent.
Conclusion:
Due to the steep hike in land price in all categories, it is predicted that Noida, Greater Noida and Yamuna Expressway have become costly investment areas. The builders will also have a tough time to sell their property with a high rate of floor-area ratio. This may pull down real estate in these particular areas, for some time.
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