NOIDA: Land rates across all categories may go up by 15 per cent as the Greater Noida Industrial Development Authority (GNIDA) is likely to take the decision after the end of the Lok Sabha polls.
Similarly, facing an outstanding amount of Rs 6,000 crore from its allottees, GNIDA is also likely to clear a new policy of partial cancellation of land allotment to collect dues from defaulter builders. Both decisions could be cleared at a Board meeting, which will be held after May 27.
After the revision of rates in April 2015, there has been no hike in property rates considering the slowdown, especially in real estate sector. Land has become nonviable, and there are not many takers for land allotment — the reasons for the proposed hike.
While a 15% raise is on the cards, the GNIDA is likely to divide its area into four grades — A, B, C & D — depending on location and other features. Rates will be increased across residential, industrial, commercial, institutional, group housing and recreational green categories of land use. Currently, residential plots cost `23,100 per sq m, group housing plots are `28,230 per sq m, commercial plots come at `46,190 per sq m, and institutional ranges from `8,700 to `15,005 per sq m. Recreational green areas are priced at `12,400 per sq m and industrial land costs anywhere between `3,900 and `10,790 per sq m.
For collecting money, GNIDA is likely to clear a policy allowing it to partially cancel land allotted to group housing developers who are unable to clear dues. GNIDA has announced special schemes, including partial surrender of land, for such developers but to no avail. Once the partial cancellation policy is cleared, GNIDA will be able to cancel the allotment partially according to the amount due from a developer. It will keep in mind that there are no third party rights in order to safe guard interest of home buyers.