Owning a home is a dream for many, especially in big cities, but turning that dream into reality often takes a lot of effort. Delhi NCR is a busy area with a large population, and many people hope to buy property here. However, property prices in this region are already quite high, and now buying a home in Noida has become even harder.
Noida Property Rates Increase by 6%
Recently, the Noida Authority announced that property rates in Noida would go up by 6%. This makes it more expensive to buy various types of properties, including residential, group housing, industrial, and data center plots. The new prices took effect on August 13. If you’re planning to buy property in Noida, you’ll now have to pay these higher rates. Interestingly, the rates for commercial and corporate office plots remain the same, with no increase.
The decision to raise land prices was approved during a Noida Authority Board meeting on July 12, but the actual implementation was delayed due to some pending approvals. Now that everything is approved, the new rates are officially in place.
Different Sectors Affected by the Price Hike
The Noida Authority has divided the city into different categories for residential and commercial properties. For residential sectors, they range from A Plus to E, and for commercial sectors, they range from A to D. The industrial areas are divided into phases 1, 2, and 3. The 6% price increase affects residential plots in sectors A to E, excluding the A Plus category. It also applies to industrial areas, housing groups, and other properties in phases 1, 2, and 3.
Due to this increase, those hoping to buy a home in Noida will need to prepare for higher costs, making it even more challenging to achieve their dream of homeownership in this rapidly growing city.
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