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.
