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Thursday, July 25, 2024

Greater Noida Authority Announces 12% Hike in Industrial Plot Rates Due to Land Allotment Process Change

The Greater Noida Industrial Development Authority (GNIDA) has decided to raise the rates of industrial plots by 12%, impacting individuals and businesses intending to establish industries in Greater Noida. The decision, approved during a recent GNIDA board meeting chaired by Manoj Kumar Singh, the Industrial Development Commissioner and Chairman of Noida and Greater Noida Authorities, will result in an average 12% increase in the prices of industrial plots measuring up to 20,000 square meters. A formal notification regarding this rate hike is expected soon.

According to a senior GNIDA official, the land rates for industrial plots up to 1,000 sq m will now be Rs 29,238 per sq m, while plots ranging from 1,001 sq m to 20,000 sq m will be priced at Rs 23,975 per sq m. The decision to raise prices is attributed to a shift in the land allotment process. Previously, industrial plots were allocated through e-auctions, generating substantial revenue for the Authority. However, the Uttar Pradesh government has now opted for a new approach, allotting plots based on interviews and objective criteria such as company profile, turnover, and work experience. This shift in the land allotment method has prompted the 12% increase in industrial plot rates.

This marks the second rate hike in the current year, as in April, GNIDA had already increased land allotment rates for industrial and data center category plots by 4.42%. The existing rates for industrial plots in Greater Noida vary between Rs 14,097 and Rs 26,105 per sq m, depending on the area and plot size. Residential plot rates range from Rs 29,900 per sq m to Rs 39,000 per sq m, commercial plot rates range from Rs 52,000 per sq m to Rs 75,000 per sq m, IT plot rates range from Rs 15,000 per sq m to Rs 30,000 per sq m, and institutional plot rates range from Rs 13,000 per sq m to Rs 22,500 per sq m.

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