Buying a house in Noida will be expensive. Preparations for huge increase in property prices up to 10%, know when the burden on the pocket will increase.

News India Live, Digital Desk: People dreaming of building a house in the hi-tech city Noida adjacent to Delhi may now have to shell out more money. Noida Authority is planning to increase property rates (allotment rates) by 6 to 10 percent in various sectors of the city. A proposal in this regard has been prepared at the authority level, which will be placed for final approval in the upcoming board meeting. If the board approves this, the prices of residential, commercial and industrial plots in Noida will reach record levels.

The biggest impact will be seen on residential and group housing.

According to authority sources, the biggest impact is going to be on residential sectors and group housing projects. The demand for land in A+, A, B, C and D category sectors of Noida is continuously increasing, due to which the authority is trying to bring the rates closer to the market price. It is going to be more challenging than ever for the middle class to buy a flat or plot in Noida. Experts say that this step is being taken to bridge the gap between circle rate and allotment rate.

Industrial and commercial plots will also be expensive

Not only residential areas, but also the prices of industrial and commercial properties are considered certain to increase. To keep Noida an investment hub, the authority is spending crores of rupees on infrastructure, which will be compensated through these increased rates. Due to the arrival of new industries and proximity to Jewar Airport, there has been a huge surge in the demand for commercial space in Noida, the direct effect of which will now be visible in the form of new rates.

Why are prices being increased?

Noida Authority argues that the expenditure on development works, metro expansion and maintenance of the city has increased. Also, considering the rising real estate graph in the surrounding areas, the authority wants to strengthen its sources of income. Noida has seen a tremendous rise in the resale values ​​of properties in the last few quarters, which the authority now wants to take advantage of by directly increasing the allotment rates.

Heartbeat of investors and home buyers increased

As soon as this news came out, the excitement in the real estate market has intensified. Investors are trying to complete the deals as soon as possible so that they can get the benefit of the old rates. At the same time, common buyers are worried that after this increase, builders will also increase the prices of their flats. If you are planning to invest in Noida, taking the decision before the board meeting can prove to be economical for you.