The Greater Noida Industrial Development Authority (GNIDA) on Tuesday said it has increased the minimum rate of purchase of agricultural land from Rs 3,500 per square meter to Rs 3,750 per square meter with effect from April 1.
GNIDA also announced an increase in rates for residential areas of Greater Noida by about Rs 5,000 to Rs 7,000 per square metre. It added that prices of industrial and commercial land have also been hiked, but new rates will be notified soon.
The decision, announced after the 126th board meeting of GNIDA held in Greater Noida on Tuesday, will benefit thousands of landlords in villages falling under its notified area.
There are about 300 villages that come under the notified area of GNIDA, which was formed in 1991 and functions under the Department of Infrastructure and Industries, Uttar Pradesh.
“In a board meeting chaired by GNIDA Chairman and UP Industrial Development Commissioner Sanjeev Mittal, GNIDA CEO Narendra Bhushan had proposed to increase the purchase price for buying land directly from farmers,” an official statement said.
The board accepted this and increased the purchase price from Rs 250 per square meter to Rs 3,500 per square meter to Rs 3,750 per square metre. The purchase price for buying land directly from farmers in villages under GNIDA was fixed at Rs 3,500 per square meter in 2016.
The residential areas have been divided into four different categories? A, B, C and D. GNIDA said the new rates per square meter of land would be Rs 39,000 for Category A, Rs 36,000 for Category B, Rs 34,000 for Category C and Rs 29,000 for Category D.
The old rates per square meter were Rs 33,300 for Category A, Rs 31,250 for Category B, Rs 27,088 for Category C and Rs 24,060 for Category D. Sectors Alpha 1, 2, Beta 1, 2, Gamma 1, 2, Delta 1, 2, 3 and Golden City come under category A.
Sectors CHI 2, CHI 3, CHI 4, CHI 5, CHI-PHI EXT. P1, P2, P3, P4, P5, P6, P7, P8, PI1, PI2, PHI 1, PHI 2, PHI 3, PHI 4, PHI-CHI, Sector-36 and Sector-37, Sector 2, 3 are in Category B.
Category C includes sectors Eta 1, Omicorn 1, 1A, 2 and 3, XU 1, 2 and 3, Zeta 1 and 2, MU 1 and 2, Sigma 1, 2, 3 and 4; While category D includes sectors 1, 11, 12, 16, 4, 16C, 17, 20 and sector-tech zones, GNIDA said.
Bhushan said that investor interest for industrial investment in Greater Noida is increasing rapidly as companies not only from within the country but also from abroad are seeking land for setting up industries.
“GNIDA is trying to develop industrial areas by purchasing land from farmers, so that industrial investment can increase further and employment opportunities can be created for the youth. It has been decided to purchase land from farmers with effect from April 1, 2022. Rate , “They said.
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