People looking to set up industries in Greater Noida will have to shell out more money as the Greater Noida Industrial Development Authority (GNIDA) has decided to increase the rates of industrial plots by 12 percent, officials privy to the development said.
They said that the GNIDA board in its recent meeting earlier this week has approved an average 12 percent increase in the rates of industrial plots measuring up to 20,000 square metres and a notification to this effect will be issued soon. The meeting was headed by the Uttar Pradesh government’s Industrial Development Commissioner and Chairman of Noida and Greater Noida Authorities, Manoj Kumar Singh.
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“The Authority in its board meeting has agreed to increase the land rates of industrial plots measuring up to 1,000 sq m to Rs 29238 per sq m. Similarly, the price of plots ranging from 1,001 sq m to 20,000 sq m has been increased to Rs 23975 per sq m,” a senior GNIDA official told Moneycontrol.
He said there is no change in the range and prices of remaining industrial plot sizes. He said that the prices of industrial plots were increased due to the change in the land allotment process.
The rationale
“Till now, the Authority used to allot industrial plots through e-auctions which would fetch the institution good money but recently the Uttar Pradesh government has decided to allot plots on the basis of interviews and other objective parameters such as company profile, turnover, work experience, etc. This is the reason land allotment rates have been hiked by 12 percent for the industrial category,” the official said, requesting anonymity.
This is the second time this year that the rates of industrial plots have been increased. In April it hiked the land allotment rates for industrial and data centre category plots by 4.42 percent.
The current rates
Currently, the current land allotment rates for industrial plots in Greater Noida range between Rs 14,097 and Rs 26,105 per sqm, depending on the area and plot size.
For residential plots the rates range between Rs 29,900 per sq m and Rs 39,000 per sq m. The allotment rates for commercial plots range from Rs 52,000 per sq m to Rs 75,000 per sq m while for IT plots it is between Rs 15,000 per sq m and Rs 30,000 per sq m. For institutional plots, the land rates range from Rs 13,000 per sq m to Rs 22,500 per sq m.
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