Greater Noida Authority raises minimum purchase price for residential and agricultural land: The Tribune India
Noida, April 5
The Greater Noida Industrial Development Authority (GNIDA) said on Tuesday that it had increased the minimum rate of purchase of agricultural land from Rs 3,500 per square meter to Rs 3,750 per square meter effective April 1.
GNIDA has also announced an increase of around Rs 5,000 to Rs 7,000 per square meter in tariffs for residential areas in Greater Noida.
Prices for industrial and commercial land have also been increased, but the new rates will be notified soon, he said.
The decision, announced after the 126th GNIDA Board Meeting held in Greater Noida on Tuesday, would benefit thousands of landowners in villages under its notified area.
Nearly 300 villages lie within the notified area of GNIDA, which was established in 1991 and falls under the Department of Infrastructure and Industries of Uttar Pradesh.
“During the board meeting chaired by GNIDA Chairman and UP Industrial Development Commissioner Sanjeev Mittal, a proposal was made by GNIDA CEO Narendra Bhooshan to raise the price of buying land directly from farmers,” an official statement read.
“The council accepted it and increased the purchase price by Rs 250 per square meter from Rs 3,500 per square meter to Rs 3,750 per square meter,” he added.
The purchase price to purchase land directly from farmers in villages under GNIDA was set at Rs 3,500 per square meter in 2016.
For residential sectors have been divided into four distinct categories – A, B, C and D. The new rates per square meter of land will be Rs 39,000 for category A, Rs 36,000 for category B, Rs 34,000 for category C and Rs 29,000 for category D, GNIDA said.
The old rates per square meter were Rs 33,300 for Category A, Rs 31,250 for Category B, Rs 27,088 for Category C and Rs 24,060 for Category D, he added.
Sectors Alpha 1, 2, Beta 1, 2, Gamma 1, 2, Delta 1, 2, 3 and Swarn Nagri belong to category A.
Sectors CHI 2, CHI 3, CHI 4, CHI 5, CHI-PHI EXT. P 1, P 2, P 3, P 4, P 5, P 6, P 7, P 8, PI 1, PI 2, PHI 1, PHI 2, PHI 3, PHI 4, PHI-CHI, Sector-36 and Sector-37, Sector 2, 3 are in category B.
Category C includes sectors Eta 1, Omicorn 1, 1A, 2 and 3, XU 1, 2 and 3, Zeta 1 and 2, MU 1 and 2, Sigma 1, 2, 3 and 4; while Category D includes Sectors 1, 11, 12, 16, 4, 16C, 17, 20 and the Sector-Tech zone, GNIDA said.
Bhooshan said investor interest in industrial investment in Greater Noida is growing rapidly with companies not only from the country but also from abroad asking for land to set up industries.
“GNIDA is trying to develop industrial sectors by buying land from farmers, so that industrial investments can further increase and job opportunities can be created for young people. From April 1, 2022, it was decided to buy land from farmers at the new rate,” he added.