Buying a house in Noida will become even more difficult! Prices will increase by this percentage from April 1; Know the big reason for this decision of the authority

Those buying property in Noida may face a big shock in the coming days. After the decision to increase property rates in the recent board meeting of Yamuna Authority, now Noida Authority is also taking steps in this direction. According to the information, Noida Authority is preparing to increase the allotment rates of land. A proposal is being prepared for this, which will be placed in the board meeting to be held in April. If the proposal is approved, there will be a direct impact on the prices of land and property in the city.

According to sources, this time the authority can increase the rates of residential, industrial and group housing plots by about 10 percent. Although commercial plots can be kept out of this increase for the time being, people associated with real estate believe that the biggest impact will be on group housing projects due to which buying a flat can become more expensive for the common people.

Prices are increasing continuously from 2022

This is not the first increase in land rates in Noida. Over the last few years, the authority has been increasing the rates from time to time. After the year 2022, prices have been increased several times in different sectors and categories. In some sectors, rates have increased by up to 20 percent in 2022, and by 6 percent to 10 percent in 2023. The increase will continue in 2024 and 2025 also. Now with the preparations for increasing the rates once again, it is clear that property investment is going to become more expensive in the coming times. If we talk about increase in land rates, then Noida Authority forms a special committee to decide the type of land. This committee takes into account the land acquisition cost, expenditure on development work, infrastructure and market conditions. On this basis the rate per square meter is decided. Apart from this, the prices and demand of the surrounding area also play an important role in this process.

Big demand from airport and expressway

People associated with real estate say that due to the continuously increasing infrastructure in Noida and Greater Noida area, the demand for land has increased rapidly. Land prices have increased especially around Noida International Airport and Yamuna Expressway. After the operation of the airport, the possibilities of investment and development in this area will increase further, due to which the authority is in a mood to increase the rates.

Final decision will be taken in April board meeting

Noida Authority CEO Krishna Karunesh said that the finance department of the authority is finalizing this proposal. It will be presented in the board meeting to be held in April. The new approach will be implemented as soon as the board’s approval is received. Earlier there was a plan to bring the proposal in March, but now it will be placed in the April meeting. He also says that a proposal is being prepared regarding the land allotment rates, which will be placed in the board meeting. The new rates will be applicable only after approval.

Impact on buyers and investors

If there is an increase in rates, it will have a direct impact on people buying property. Flat plots and industrial land will become expensive, which may increase the burden on the pockets of common buyers. At the same time, it is also a sign for investors that property prices may go up further in the coming time. Due to the rapid development taking place in Noida, better connectivity and big projects, there is a continuous rise in land prices.