The Noida Authority has decided to raise property rates by 6%, starting from Tuesday. This increase will affect residential, group housing, institutional, industrial, and data center plots.
The new rates will be applied to both allotments and registrations. However, the rates for commercial
and corporate office plots will remain unchanged. This decision was made during the board meeting held on July 12.
Impact on Property Transactions and Future Market Trends
The rate hike will influence various transactions in Noida, including buying flats, building houses, and setting up industrial units. This is the first increase in property rates since April 2023.
The Noida Authority classifies sectors from A plus to E, with different categories for commercial and industrial areas.
Residential plots in categories A to E (excluding A plus) will see a 6% rate increase, along with industrial plots, group housing, and other assets.
In a recent meeting in Lucknow, the Noida Authority also approved a substantial budget of Rs 7,700 crore for the financial year 2024-25.
The adjusted land allotment rates reflect the authority’s strategy to manage economic challenges while supporting urban development.
For example, residential land in categories B, C, D, and E will now cost between Rs 48,110 and Rs 87,370 per square meter, depending on the location and category.
With these new rates, property prices in Noida are expected to rise further, highlighting the region’s dynamic real estate market amidst changing economic conditions. Further increases in property rates may be seen in the coming months.
