The Noida Authority decided to increase the land rates of industrial and residential category plots in its 25th board meeting held Thursday. Around 20 agendas were discussed and placed before the board, officials said.
In a press note issued by the authority, cost of purchasing E category residential plots with land rate of Rs 41,250, and the land rate of sectors in A-C category have been increased by 20 per cent while land rate of sectors falling in the A+ category remains unchanged at Rs 1,75,000 per square metre. The land rate of group housing projects has been increased by 20 per cent. Land rate of plots which fall in the institutional use category and are not linked to resident plot rates have been increased by 20 per cent. Rate of industrial category plots in Phase I and Phase III have been increased by 20 per cent and Phase III category industrial plots will see an increase by 30 per cent.
The Noida Authority had provided around 500 hectares of land situated in Sector 128, 129, 133, 134 and 151 to Yamuna Expressway Industrial Development Authority for development of LFD-1 between 2003 and 2011. This land was leased to Jaypee Infrastructure for development via a concession agreement. The last date for development projects undertaken by Jaypee infrastructure has been fixed for December 31, 2025 in cases where the date is not fixed in the concession agreement. With respect to projects whose deadline expired before March 31, 2022, a time extension fee will be applicable on such projects from April 1, 2022.