The board of the Greater Noida Industrial Development Authority (GNIDA) recently approved several key measures aimed at enhancing development and governance in the region. Among these decisions, the GNIDA sanctioned a 5.30% increase in land allocation rates for the fiscal year 2024-25, citing the upcoming projects like the Greater Noida West Metro, Multimodal Logistics Hub, and Transport Hub as pivotal factors influencing the decision.
Effective from April 1, the rate hike was described as moderate and will apply to industrial, residential, commercial, institutional, and builder properties. The finance department is set to issue an office order formalizing the adjustment. In addition, the board revised its one-time lease rent payment scheme, now aligning it with Noida Authority’s policy to charge 15 times the annual lease rent, up from the previous 11 times, excluding residential properties.
Furthermore, the board granted additional Floor Area Ratio (FAR) within 500 meters of the proposed Metro route from Noida to Knowledge Park-5 in Greater Noida West. This allows for increased construction potential on plots, thereby accommodating higher population density in the vicinity.
To facilitate compliance among allottees, particularly in areas like Alpha, Beta, Gamma, Delta, and Swarn Nagri, the board extended deadlines for executing lease deeds with a late fee until October 30, 2024, and obtaining completion certificates until June 30, 2026. Non-compliance after these deadlines may lead to allotment cancellations.
Additionally, the board established pricing guidelines for expanded areas within plots allocated under the farmer population category, ensuring clarity and consistency in allocation procedures.
These decisions underscore GNIDA’s proactive approach towards urban development and governance, aiming to sustainably manage growth while enhancing infrastructure and services for residents and businesses in Greater Noida.