Buying a house or any residential property in Noida will now be a costlier affair, as the Noida and Yamuna Expressway authorities decided to hike the land allotment rate up to 10-12% at a board meeting on Monday.
"We have increased the land allotment rate up to 10% in Noida in all categories, except for commercial properties. Rates of commercial property in Noida will not be increased because we want to correct the rates.
"Land allotment rates will be hiked up to 12% in Yamuna expressway area. The rates are unchanged in Greater Noida because they saw an increase in February this year," said Rama Raman, chairperson of Noida, Greater Noida and Yamuna Expressway authorities.
The new rates came into effect on Monday.
According to officials, land allotment rates will be increased in all categories - including residential, group housing, institutional and industrial, while commercial plots will not see any increase.
"The hike was unavoidable because of the prevailing financial circumstances," said a senior Noida authority official.
The Noida authority had increased the rates in May, 2013, by up to 9-12 % on the previous occasion.
with thanks : Hindustan Times : LINK : for detailed news.
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