Noida’s property prices will rise as the government raises rates.

To encourage investment in the area, the Noida Authority has decided to adjust land rates and finish the scheme brochure for industrial, institutional (IT/ITES), group housing, and residential properties.

The Noida Authority has decided to raise land rates by 20-30% across several categories, which will result in an increase in property rates in Noida. Thursday’s meeting was presided over by Arvind Kumar, Chairman of the Noida Authority.

To encourage investment in the area, the Noida Authority has decided to adjust land rates and finalize a scheme brochure for industrial, institutional (IT/ITES), group housing, and residential properties.

Based on the number of residential properties, the Noida Authority has divided the city into six categories. According to Mint, which cited an official statement, category A+ includes the A and B blocks of sectors 14A, 15A, and 44. The rate for category A+ has remained the same at Rs 1.75 lakh per square meter.

In India, the competent body has raised the property rates for category A and category D by 20%, while the rate for category E has been raised to Rs. 41,250 per square meter from Rs. 36,200 previously. In Noida Phase 2, the price of industrial property has increased by 30%, and group housing society rates have increased by 20%.

The allocation of shops and offices to Biodiversity, Medicinal Park Sector 91, Express View Park Sector 93, Shaheed Bhagat Singh Park Sector 150, and City Bus Terminal Sector 82 was approved by the Noida Authority.

It also approved a plan for e-auctioning CNG, gasoline, and e-charging pumps in various Noida sectors.

The Authority re-launched the housing one-time settlement (OTS) scheme considering the scheme’s success, and applications can begin on September 1. Additionally, a policy regarding the development of data centres in industrial properties that were previously allotted was approved.