DELHI: Buying property in Noida is likely to cost more from June. The Noida Authority proposes to hike the land allotment rate of residential and commercial properties by 15% and industrial properties by 10%, respectively, according to sources. The new rates are likely to be effective from June.
Sources told TOI the proposal is ready and will be tabled in the next board meeting of the Authority scheduled in June.
“We will first approve this proposal in our board meeting. The rates will come into effect after the final decision,” said a senior Noida Authority officer, who is working on the proposal. He said the land allotment rate will be increased in all categories, including residential, group housing, commercial, institutional and industrial plots. He also said the hike was unavoidable as the Authority requires funds to meet the expenses of its upcoming infrastructure projects.
The Authority had hiked the rates from 9-12% in May 2013.