In a move that could influence Noida’s real estate market dynamics, the Noida Authority has implemented a substantial 6% increase in land allotment prices for the upcoming fiscal year 2024-25. This decision, announced following their 214th board meeting, extends across various land categories with potential implications for both developers and prospective homebuyers.
Residential plots, excluding those in the A+ category, will see a price rise alongside group housing projects, institutional spaces, and industrial sectors, including the IT/ITES segment. The Noida Authority anticipates this move to strengthen its revenue generation. However, analysts caution that the increased allotment costs might translate to higher project development outlays, potentially impacting the affordability of upcoming residential and commercial spaces in the city.
Market observers will be keenly following the situation to understand how this price hike unfolds in Noida’s real estate trends. While an increase in property prices is a likely scenario, developers may also absorb some of the additional costs to stay competitive in the market. The coming months will be crucial in revealing how this decision shapes the city’s property landscape. It remains to be seen whether this price hike will deter potential homebuyers or if developers can find ways to mitigate the impact.
