Noida, Jun 15 (PTI) The board of the Greater Noida Industrial Development Authority (GNIDA) on Saturday approved a proposal to increase land allocation rates by 5.30 per cent for 2024-25 fiscal, according to an official statement.

Several developmental projects, including the Greater Noida West Metro, Multimodal Logistics Hub, and Transport Hub, are coming to Greater Noida and Greater Noida West (also known as Noida Extension), the GNIDA said.

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"In view of these developmental projects, property allocation rates are determined for each financial year. The board has approved the proposal to increase the current allocation rates for industrial, residential, commercial, institutional, and builder properties by 5.30 per cent for the fiscal year 2024-25," it said.

"The finance department will soon issue an office order in this regard. The new rates will be considered effective from April 1," the GNIDA said, describing the 5.30 per cent rate hike as "modest".

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The board, in a meeting chaired by UP's Infrastructure and Industrial Development Commissioner Manoj Kumar Singh in presence of GNIDA's CEO N G Ravi Kumar, also approved the revision of its one-time lease rent payment scheme, which excludes residential properties.

"Similar to the Noida Authority, the Greater Noida Authority board has decided to charge 15 times the annual lease rent for one-time lease rent payments. Previously, this was 11 times the annual lease rent," according to the statement.

"However, this decision will be implemented after three months. During this period, allottees who wish to make a one-time lease rent payment can do so at 11 times the annual lease rent. Residential properties are excluded from this change and will continue to follow the existing arrangement," it added.

The authority board has approved additional FAR (Floor Area Ratio) within 500 metres of the proposed Metro route from Noida to Knowledge Park-5 in Greater Noida West.

"This includes an additional FAR of 0.5 for residential groups, 0.2 for commercial, 0.2 to 0.5 for institutional, 0.2 for entertainment/greenery, and 0.5 for IT/ITES," the GNIDA said.

Increased FAR allows additional constructions on a given plot and thereby increasing population density in the area.

Meanwhile, the board has also provided significant relief to allottees who have not yet executed their lease deeds or obtained completion certificates for their residential plots/buildings due to various reasons.

"The board has extended the deadline for lease deed execution with a late fee until October 30, 2024, and the deadline for obtaining completion certificates until June 30, 2026. This provides another opportunity for allottees in areas like Alpha, Beta, Gamma, Delta, Swarn Nagri, etc. to comply. After these deadlines, the allotments will be cancelled," the GNIDA said.

Besides, the board has set rates for the increased area in plots allocated under the farmer population category.

If the area of the plot increases by up to 10 per cent, the price will be set based on the allocation rates of the nearest residential sector with the approval of the Additional CEO, and if the increase exceeds 10 per cent, the price will be set based on the allocation rates of the nearest residential sector with the approval of the CEO.

"Previously, the lack of set rates for the increased area caused difficulties in allocation," according to the statement.

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