June 17, 2024: The Greater Noida Industrial Development Authority (GNIDA) board, in its meeting on June 15, 2024, approved a 5.30% increase in land allocation rates for the fiscal year 2024-25 (FY25), effective from April 1, 2024. The finance department will soon issue an official order regarding this decision.
This increase comes in light of various developmental projects such as the Greater Noida West Metro, Multimodal Logistics Hub, and Transport Hub planned for Greater Noida and Greater Noida West (Noida Extension). Property allocation rates are adjusted annually to accommodate these projects. The board has endorsed a 5.30% hike in allocation rates for industrial, residential, commercial, institutional, and builder properties for FY25.
Additionally, the board, chaired by UP’s Infrastructure and Industrial Development Commissioner Manoj Kumar Singh and GNIDA’s CEO N G Ravi Kumar, also approved revisions to the one-time lease rent payment scheme, excluding residential properties. Similar to the Noida Authority, the GNIDA board has decided to set the one-time lease rent payment at 15 times the annual lease rent, up from the previous 11 times. This change will take effect after a three-month implementation period, during which allottees can still opt for the old rate of 11 times the annual lease rent for one-time payments, excluding residential properties.
Furthermore, the board has granted additional FAR (Floor Area Ratio) within 500 metres of the proposed Metro route from Noida to Knowledge Park-5 in Greater Noida West. This includes additional FAR allowances: 0.5 for residential, 0.2 for commercial, 0.2 to 0.5 for institutional, 0.2 for entertainment/greenery, and 0.5 for IT/ITES. Increased FAR facilitates greater construction possibilities on plots, thereby potentially increasing population density in the area.
In another move, the board has extended deadlines for allottees who have not yet executed lease deeds or obtained completion certificates for their residential plots/buildings due to various reasons. The new deadlines are October 30, 2024, for lease deed execution with a late fee, and June 30, 2026, for obtaining completion certificates. This extension aims to facilitate compliance among allottees in areas like Alpha, Beta, Gamma, Delta, Swarn Nagri, etc. Allotments failing to meet these deadlines risk cancellation.
Finally, the board has established rates for increased plot areas allocated under the farmer population category. For plots expanding by up to 10%, pricing will align with allocation rates of the nearest residential sector, with approval from the Additional CEO. For expansions exceeding 10%, pricing will follow the rates of the nearest residential sector, with approval from the CEO. Previously, the absence of set rates for expanded areas had posed allocation challenges.
These decisions reflect GNIDA’s proactive approach to urban development and property management, ensuring alignment with ongoing infrastructure projects and the needs of allottees in the region.
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