Noida: (Noida Property Hike) Buying property in Noida has become expensive from today. The authority has implemented the increased rates of six percent.

Recently, in the 214th board meeting of Noida Authority held in Lucknow, a decision was taken to increase the property rates, but it could not be implemented due to non-issuance of minutes.

After receiving the minutes from the government, the authority issued an office order on Tuesday and implemented the order of increase in rates. Noida Authority CEO Dr. Lokesh M said that the board had approved a six percent increase in residential, industrial and institutional rates.

Category A to D in commercial sector

Now property allotment in the city will be done at new rates. The allotment rate of residential, industrial, institutional etc. properties has been increased by six percent. The minutes of the board meeting held in Lucknow have arrived. On this basis, allotment will be done at new rates from Tuesday itself.

There was no change in the rates of plots for commercial and corporate offices. The authority has divided the sectors of the city into categories ranging from A+ to E. In the commercial sector, these categories are from A to D.

Additional charges and transfer charges in asset rates

Transfer fee on industrial plots will be charged from the working units at four per cent of the prevailing allotment rate.

Additional location charges will be payable in the rates of all properties as before. The land rate of the sector near the metro station will be 5% higher and the sector located on the expressway will be 7.5% higher.

Transfer fee on residential plots, group housing, commercial department plots will be 2.5 per cent of the prevailing allotment rate.

Transfer fee of Rs 12,000 will be charged for Shramik Kunj buildings. Transfer fee for EWS and LIG buildings will be one percent of the prevailing allotment rate at the time of transfer. For residential buildings of the remaining categories, 2.5 percent of the prevailing allotment rate at the time of transfer will be charged.

For functional units in the institutional sector, the transfer fee will be five per cent of the prevailing allotment rate.

The transfer fee for all types of commercial plots, except the group housing project of the Sports City project of the Commercial Department, will be five per cent of the allotment rate prevailing at the time of transfer.

There is no provision for transfer of non-functional units in the Industrial and Institutional Department.