The Noida land rates are set for another 35 per cent increase. The decision to this effect was taken in 149th meeting of the Noida Authority Board meeting recently.
This will take the land rates to a new high of Rs 44,550 per sq metre, from Rs 33,000 per sq mt. A proposal to this effect has been readied for the 150th Board meeting scheduled for May 1, 2008, it is learnt.
According to sources, the doubling of the land compensation rates was made the basis for affecting further increase in land rates in 149th meeting of the Noida Board. A hike of 45% was proposed. In a review, a 22-member committee took the decision to increase the rates by 35 per cent instead of 45 per cent as discussed in 149th meeting.
According to sources, the proposal has been readied with the consensus of the members which will be presented in the Board meeting scheduled for May 1, 2008, it is learnt.
The sources inform that residential sectors have been divided into five categories with maximum current rate being Rs 33,000 per sq mt, while the least current rate is at Rs 12,000 per sq. mt. Now the highest rate will be pegged at Rs 44,550 and the maximum rate being set at Rs 16,200 per sq mtr.
Source: Tribune News Service By Parmindar Singh 25-April-2008
