Noida to witness increase in property rates

The property rates in Noida are likely to go up as authority is mulling a proposal to increase prices in the area by up to 15 percent in its board meeting in June.

According to sources the minimum rate of property in residential areas would go up by 10 percent while a hike of 15 per cent is being proposed in industrial sectors. The authority has divided the sectors in Noida into five categories — A, B, C , D, and E among which sector rate is from Rs 62,220 per sqm to Rs 22,625 per sqm. The posh sectors include sector 14A, sector 14, and sector 15 etc. ‘The agenda to hike sector rate will be placed in the next board meeting of the authority the date of which will be fixed after withdrawal of model code of conduct,’ said a senior official of Noida.

The authority, on 27 May, 2013, had increased sector rates from 11.25 percent to 30 percent in various categories of residential, industrial, and commercial sectors.