Noida: A joint board meeting of the three development authorities in Gautam Budh Nagar-Noida, Greater Noida and Yamuna expressway -has decided to increase the land allotment rates in Noida by 14.19% across all categories except commercial. Noida has been trying to sell its commercial plots through consecutive schemes in the past one year but has had no takers.In Noida, land rates were last hiked in February 2015. For plots falling in the Phase I, II and III industrial areas of Noida, the allotment rates for plots up to 4,000 meters have now been fixed at Rs 30,614, Rs 10,893 and Rs 11,293 per sq m, respectively.According to officials, the commercial land allotment rates in Noida have not been changed as the demand has slowed down, and higher prices would further discourage investment. The group housing flats in Noida have become costlier by nearly Rs 15,751 per sq m in the 'A' category areas and by 5,951 per sq m in 'E' category areas.In the institutional category for IT/ITES properties in Noida sectors 1, 16A and 24, buyers will have to shell out Rs 50,700 per sq m now. The hike has been implemented with immediate effect.In Noida, the hike in allotment rates means that residential properties have become dearer by at least Rs 11,550 per square metre in 'A' category sectors like 14,14A, 15, 15A, 17A and 44 and by Rs 4,200 per sq m in 'E' category sectors like 102,115 and158.

Source: Times of India June 10, 2016 01:30 UTC