Greater Noida Land Price Revision unlikely to affect Demand

April 11, 2008	(Be the first to rate this story!)  Loading ...
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The increase in minimum rates for land in Greater Noida is unlikely to affect demand for property in the area, real estate experts claim.

The Greater Noida Industrial Development Authority board increased the minimum rates for all categories of land on Tuesday.

Accordingly, residential land rates have been hiked from Rs 5,900 per square metre to Rs 10,500 per square metre, while institutional land rates have been revised from Rs 2,800 per square metre to Rs 6,000 square metre.

For the commercial land category, the rates have been increased from Rs 12,000 per square metre to Rs 20,000 per square metre.

Welcoming the move, Parsvnath Developers Ltd (PDL) chairman Pradeep Jain said, “In comparison with adjoining areas such as Gurgaon and Sonepat, the infrastructure facilities in Greater Noida are better and the demand for land is also high.”

Jain added the revision was in sync with the rapid development and good connectivity of the area with the national capital. On being asked about the impact of the move on demand, Jain said it was not bound to impact demand as the secondary market prices of land in Greater Noida were already higher.

A property dealer from Greater Noida also claimed that demand in the area would not be affected by the revised rates as the investors in these areas belonged to the high income group.

Prices of land, especially residential plots in Greater Noida, have fallen 30-40 per cent from the highs witnessed around two years ago.

News Published Under:   Real Estate India |

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