GNIDA Approves 5.30% Increase in Land Allocation Rates for 2024-25
The Greater Noida Industrial Development Authority (GNIDA) board has approved a 5.30% increase in land allocation rates for 2024-25. This decision, taken during a recent meeting chaired by UP’s Infrastructure and Industrial Development Commissioner Manoj Kumar Singh and attended by GNIDA’s CEO N G Ravi Kumar, comes in anticipation of several upcoming developmental projects, including the Greater Noida West Metro, Multimodal Logistics Hub, and Transport Hub.
The updated allocation rates will apply to industrial, residential, commercial, institutional, and builder properties and will take effect from April 1, 2024. The GNIDA described this 5.30% hike as “modest” and emphasized its necessity in light of ongoing and planned developments in the region.
Revision of Lease Rent Payment Scheme
In addition to the rate hike, the GNIDA board has revised its one-time lease rent payment scheme, which excludes residential properties. Previously, the lease rent payment was calculated at 11 times the annual lease rent. This has now been increased to 15 times the annual lease rent. However, this change will be implemented after a three-month grace period, allowing allottees to make payments at the previous rate during this time.
Additional FAR for Metro Route
The board also approved additional Floor Area Ratio (FAR) for areas within 500 meters of the proposed Metro route from Noida to Knowledge Park-5 in Greater Noida West. The additional FAR includes:
- 0.5 for residential groups
- 0.2 for commercial properties
- 0.2 to 0.5 for institutional properties
- 0.2 for entertainment/greenery
- 0.5 for IT/ITES properties
This increase in FAR will permit more extensive construction on existing plots, potentially increasing the area’s population density.
Relief for Residential Allottees
The GNIDA board has extended deadlines for lease deed execution and obtaining completion certificates for residential plots and buildings. The new deadlines are October 30, 2024, for lease deed execution with a late fee, and June 30, 2026, for completion certificates. This extension provides additional time for allottees in areas such as Alpha, Beta, Gamma, Delta, and Swarn Nagri to comply with regulations. Failure to meet these deadlines will result in the cancellation of allotments.
Rates for Increased Plot Area
The board has also set rates for increased areas in plots allocated under the farmer population category. If the plot area increases by up to 10%, the price will be based on the allocation rates of the nearest residential sector with the approval of the Additional CEO. If the increase exceeds 10%, the CEO’s approval will be required.
These measures aim to streamline the allocation process and address difficulties caused by previously undefined rates for increased plot areas.
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