Buying a house in Noida has become more expensive, the authority increased the prices of properties by 11%; Know the new rates

The dream of buying a house, plot or industrial plot in Noida has now become more expensive. Noida Authority has increased the allotment rates of residential, industrial, institutional and group housing properties by up to 11 percent. The new rates have come into effect from Thursday. Now all new allotments from the authority will be made at this increased price.

Let us tell you that in the last few years the authority usually increased the salary by 5 percent, but this time the maximum increase has been 11 percent. This may make it more difficult for middle class people to buy property in Noida. Amidst already rising property prices, this decision will put more burden on the pockets of buyers.

Why were the rates increased?

According to authority officials, the decision to increase the prices of properties has been taken due to increase in expenditure on development works and high costing charges. The new rates will not only impact new purchases but also property transfer charges. This means that now transferring property will also be expensive.

Industrial plots also became expensive

The prices of industrial properties have also been increased by up to 11 percent. In Phase-1, the new allotment rate for industrial plots up to 4,000 square meters has been fixed at Rs 55,880 per square meter. Whereas in Phase-2, the fee for plots larger than 60,000 square meters has been kept at Rs 20,000 per square meter.

Residential property rates

Group Housing Rates

Commercial property prices stable

However, the authority has not made any changes in the rates of commercial properties this time. Officials say that people are showing less interest in buying commercial property, hence the prices were not increased.

Relief for EWS and Shramik Kunj

In residential sectors, the rate for EWS and Shramik Kunj buildings has been kept at Rs 10,140 per square meter. This is expected to provide some relief to the people of lower income group.