Cost of Industry Plots in Greater Noida Increased by 12%, ET RealEstate

January 1, 2024
1 min read
industrial plots to cost 12 more in greater noida

<p>Representative Image</p>
Representative Image

NOIDA: Industrial plots up to 20,000sqm in Greater Noida will now cost 12% more, the development authority decided in its board meeting on Tuesday. This is the second such adjustment in a year.

So, plots measuring up to 1,000sqm (quarter of an acre) will be available at the rate of Rs 29,238 per sqm. Similarly, land parcels from 1,001-20,000sqm will cost upwards of Rs 23,975. There has been no change in the price of plots bigger than 20,000sqm.

Officials said the hike in rate was because of a change in the land allotment process. Until now, the Greater Noida Authority would allot industrial plots after e-auctions. The authority, however, recently decided to hand over plots after interviews based on objective parameters.

Both the Noida and Greater Noida authorities have decided to give industrial, IT and ITES plot owners time till December next year to complete their projects. Officials said the owners were allotted plots several years ago and were supposed to have completed their projects by 2022.

The Noida Authority, however, will take a decision on the extension of the deadline after an inspection of the plots on a case-to-case basis. Officials will allow extension only if they find the projects can be delivered in another year.

Similarly, Greater Noida will allow owners of institutional plots time till December 2024 to register them. For map approvals and completion of projects, the deadline has been extended till December 2025.

Among other key decisions taken at the Greater Noida board meet, officials said group housing societies have to set aside 5% of their areas for visitor parking. The board also decided to introduce an OTS scheme to clear water dues. The Authority needs to collect Rs 34 crore from defaulters.

It is also planning to strike a deal with the Central Road Research Institute to construct roads using modern technology, increasing transparency and quality. The initiative includes making footpaths from tiles created from waste material, third-party assessment of roads, and traffic planning.

The Authority board has agreed to the proposal of allotting 10% developed abadi plots to farmers who received 64.7% additional compensation. The state government will take the final call.

  • Published On Dec 27, 2023 at 05:00 PM IST

Join the community of 2M+ industry professionals

Subscribe to our newsletter to get latest insights & analysis.

Download ETRealty App

  • Get Realtime updates
  • Save your favourite articles

Scan to download App
realty barcode

Source link

Leave a Reply

Your email address will not be published.

goa housing board to e auction three commercial plots
Previous Story

Goa housing board to e-auction three commercial plots, Real Estate News, ET RealEstate

db realty to acquire stakes in three hotels for rs 2300 crore
Next Story

DB Realty to acquire stakes in three hotels for Rs 2,300 crore, ET RealEstate

Latest from Blog