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Noida Authority hikes land prices again, allocates Rs 6,920 crore budget for FY24

Noida Authority, the nodal agency that governs the city of Noida, has hiked land prices by 6-10 per cent across categories for the financial year 2023-24. This comes after the authority had announced an increase in land prices by up to 30 per cent in August last year. The revised asset allocation rates were announced on Sunday and the land rates for A-plus category plots have remained unchanged.

The Noida Authority has cleared a budget of Rs 6,920 crore for the financial year 2023-24, which is around 40 per cent higher than the budget of the previous year. The target of receipts for FY23 was Rs 4,880.62 crore and the target of payment was Rs 4,579.52 crore. However, the receipts for the financial year 2022 were 132 per cent more than the target and the payments were 108 per cent more than the target.

Proposed plan of Noida International Airport in Jewar

The Noida International Airport in Jewar is also a key focus area for the Noida Authority. The authority has set aside an amount of Rs 500 crore for land acquisition for phase 2 and 3 of the airport. The airport is under construction, and the Noida Authority and the state government hold 37.5 per cent stake each, while the Yamuna Expressway Industrial Development Authority (YEIDA) and the Greater Noida Industrial Development Authority (GNIDA) hold 12.5 per cent each. A total of Rs 1,500 crore has been marked for land acquisition in the financial year 2024. Out of this, nearly Rs 500 will be used for land acquisition in the Noida region, while Rs 1,000 crore has been set aside for the purchase of land in the New Noida region, which will come up near Bulandshahar.

The Noida Authority has allocated Rs 1,906 crore for infrastructure development in Noida and Rs 141 crore for rural development. Additionally, the authority has approved the proposal to form a panel of seven organisations for the structural audit of multi-storey buildings located in the area. According to the office order dated March 14, 2023, partial or full occupancy will be issued to the allottee only after the safe report of the audit is received from one of these organisations.

The revised asset allocation rates for the financial year 2023-24 include a 10 per cent increase in the rates of E-category plots of residential plots and a 6 per cent increase in the remaining residential categories, group housing, industrial and institutional/IT parks/ITES/data centers. The plots for group housing projects were priced between Rs 61,000 and Rs 1.5 lakh per square metre (sqm) earlier, and the rates of A to D category plots (priced between Rs 46,800 to Rs 1.11 lakh per sqm) have also been raised by 6 per cent.

The last time the Authority had increased rates was August 2022. The decision to increase land prices has received mixed reactions from various quarters. Some real estate developers have criticised the move, saying that it will impact the real estate sector's growth and make homes more expensive for buyers. On the other hand, some experts have welcomed the move, stating that it will help in the development of the city's infrastructure and attract more investments to the region.

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