GREATER NOIDA: For the first time in 27 years, the Greater Noida Authority is all set to categorise its geographical area depending on the extent of development in the region. The most premier land area in the city would now be in and around Pari Chowk, Knowledge Park and adjoining sectors which are close to the metro lines.
Officials said Greater Noida Industrial Development Authority (GNIDA) will also hike the residential land allotment rates by 5% to 15% to create this differentiation in its area. And the authority will also raise revenues through transfer charges as and when a property is resold.
GNIDA which was formed in 1992 and known as the twin city of Noida, so far has a single land allotment rate for residential property at Rs 23,000 psm.
Now, a segment-wise division of category A, B, C, D and E is to be introduced. While the land allotment price of segment A will now be raised by 15%, it will be hiked by 10% and 5% in segments B and C, respectively. There will be no changes for segments D and E which are far-flung areas with semi or negligible urban development.
“While the revenue department has an existing differential circle rate, we will introduce the differential allotment rates once the board approves of the same in the June meeting. Different parts of the city can’t have the same circle rate and a correction was long overdue,” GNIDA’s CEO Narendra Bhooshan told TOI.
According to the CEO, the idea is to carve out a premier space which is highly developed with the metro coming in and other commercial development. “So, the land rate at a highly developed area can’t be the same as a low-developed space. We have been working on this for the past three months.”
Bhooshan said the Authority has already sold most of the premier space, “but transfer costs of land in the region will now increase”. “This will help us add revenues,” he added.