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Property rates becomes more expensive in Greater Noida

By Sanjay Kumar Subscribe to RSS | August 7th 2012 | Views:
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The residential property in Greater Noida – Noida and Yamuna Expressway have become dearer. Solely last week, the district administration of Gautam Budh Nagar raised the circle rates by forty percent. The three authorities of Greater Noida, Noida and Yamuna Expressway decided to raise the allotment rate of residential property, group housing and commercial property in Greater Noida. The rates has been revised and the effect will be seen from next week.

As the rate revised the allotment costs of group housing, residential and commercial property in Greater Noida and Noida have gone up by 11%, whereas the industrial and commercial property in Greater Noida and Noida have gone up by 8% and 15%.

The Greater Noida authority has hijed allotment rates by 11%. And the Yamuna Expressway authority has decided to raise the land costs by 40 percent. As the new costs have seen a steep increase in the allotment price of the real estate in Yamuna Expressway. The rates of the residential property in Greater Noida and Noidahas gone up by forty percent whereas the costs of commercial and institutional real estate has gone up by 28 to 42 percent.

IN welcoming move of the sensing protest over the compensation of the farmers, Greater Noida and Yamuna Expressway authorities have increased have increased the compensation costs for real estate acquisition by 11%.

Keeping increase in inflation costs, the cost of the real estate and money crunch in mind, as we have decided to raise the price of real estate, as stated by the Chief Executive of Noida-Greater Noida.

The Greater Noida authority is revolving under the large fiscal crisis. As the authority is already under the debt of Rs. Forty Thousand Crore and many development residential property in Greater Noida are in oblivion in the Noida Extension-Greater Noida area. Greater Noida authority had recently written to the Noida authority requesting for a loan to sort out the crisis.

The land row has imposed an extra burden in the form of enhanced compensation and rehabilitation packages fpr the farmers who agreed upon a compromise. Due to absence of funds, several development property in Greater Noida has been stalled. Thus, the authority has been forced to raise the allotment costs of the property.

Initially, the costs of the residential property in Greater Noida has been revised by 16 to 40 percent, last year in September, owning to severe money crisis which came into effect from last September 2nd 2011. As this was the second time in the fiscal year that the authority has raised the costs. Previously it was raised to 13 to 20 percent last year in April. Indebt to the revised price, the residential property costs had already been increased from Rs. 13000 to Rs. 16900 per sq metre.

Beside the costs of real estate for group housing, dispansaries, clubs, entertainment facilities, hospitals, industrial and other purposes were also increased.

After the Allahabad High Court verdict over the real estate land row which is dirested 64.7 percent additional ammount and allotment of 10 percent of the developed residential plots as compensation to the farmers, Greater Noida and Noida authorities has issued notices to all the construction companies whose residential property were in the disputed locations.

According to the court's order, the Greater Noida and Noida authority had to come across an extra compensation package of Rs. Elven Hundred Crore to the farmers. The Greater Noida and Noida authority has decided to pass on fifty percent of this burden to builders.

Noida Extension comprising of sectors 1, 2, 3, Ecotech 13, the Greater Noida has allotted land to more than three dozen builders like Supertech, Eros, Amrapali, Earth, Ajnara, Gulshan Homes, Gaursons, Antriksh etc, at the costs ranging from Rs. Ten Thousand and Rs. Elven Thousan and Six Hundred per sq m through tenders. A total of 4250 residential plots were alloted through lucky draw at the costs of Rs. Ten Thousand Five Hundred per sq m. Beside, an extra Rs. Five Hundred Fifty per sq m will also be charged as commercial plots for educational and other institutional purposes. Greater Noida has allotted plots for an engineering college over 10 acres, the three higher secondary schools spread over 10 acres each and a multi specialist hospital spread over 50 acres in Patwari. Residential property in Greater Noida and Noida is now costlier once again with the raise in allotment price.

There has been a steep increase by forty percent in commercial and residential property falling under the Yamuna Expressway authority's jurisdiction. The authority has not increased land rates since last May 2011 it has decided to go for a revision now to mop up revenue.

The new Master Plan 2031 of Yamuna Expressway has a greater expanse of green areas and more real estate land allocated for roads and remaining land for development and allocation had reduced considerably and necessitated a revision in land costs.

After having the economic slowdown the revision in rates of land will impact Greater Noida – Noida real estate market. The purchase of residential property in Greater Noida and Noida will become more expensive in near future and the burden will have to be borne by the investors and geniune buyers.

Sanjay Kumar - About Author:
Sanjay Kumar writes on behalf of PropTiger which is an independent real estate advisor with a pan-India presence. PropTiger aspire to be your first port of call if you want to buy a residential Property in Greater Noida.

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