Delhi/NCR
The Noida Authority on June 14 said it was considering revising its land allotment rates. A committee has been put in place under the aegis of additional CEO (ACEO) A K Srivastava to study property rates in the area and to see if rates can be reduced to make buying of land in Noida viable. The move follows observations by the Noida Authority board in a meeting held on June 1.
According to Authority officials, the committee also comprises the deputy CEO Saumya Srivastava, financial controller Manmohan Mishra, chief legal officer V P Pathak and officials from the property and land department. "The committee will study the prevailing market rates, current allotment rates and the circle rates, which are decided by the GB Nagar district administration," Mishra told TOI.
"They will study the rates and submit their findings in a report. All property rates, including those of commercial, industrial, institutional, residential and group housing, will be thoroughly examined and new rates, if any, will be proposed. This report will be presented in the next board meeting, which will be held within three months," Mishra said.
Though officials did not mention how much the land rates could be slashed by, they said several schemes launched in the recent past had not yielded a single buyer for the land in Noida. Moreover, the circle rates in many sectors were unrealistic and disproportionate to the prevailing market rates, which had affected the already ailing realty sector.
Meanwhile, officials said that GNIDA and YEIDA have decided not to hike their land allotment rates for one year.
Source- Magicbricks
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