Despite the fact that demand in the realty sector is slow to some extent the Greater Noida Industrial Development Authority (GNIDA) has recently announced a 10.21 per cent increase in the allotment price across all categories of land in the city. The new rates will be applicable from April 1, 2014 onwards. However, this is not the first time that such an increase has taken place. The GNIDA follows this practice almost every year. For instance last year too, the GNIDA had hiked the land rates by 8.53 per cent.
But, it is certain that the hike in the land prices by the GNIDA leads to hike in the real estate sector in Greater Noida. It also leads to hike in the prices of all types of properties. There is a possibility that developers may also hike the allotment rates. Investors, end users and others, who find themselves a “misfit” in other regions of the NCR (National Capital Region) due to financial constraints, are usually “fit” for Greater Noida. This is because the rates in the real estate sector are still “affordable” in Greater Noida as compared to the other regions of the NCR.
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