The Greater Noida Industrial Development Authority board hiked the minimum rates for all categories of land, in an important decision taken on Tuesday evening.
Residential allotment rates, for instance, have been raised from Rs 5,900 per square meter to Rs 10,500 per square meter.
The group housing land rates have been hiked from Rs 5,900 per square meter to Rs 10,000 per square meter. The minimum rates of industrial land will be Rs 3,000 per square meter, up from Rs 1,400. The minimum commercial rates are up from Rs 12,000 to Rs 20,000. The average rise in the Greater Noida land rates is, therefore, about 60 to 70 percent.
Apart from this, the GNIDA board has also decided to standardise forms for lease deeds of residential, commercial and industrial plots.
GNIDA chairman Lalit Srivastava said that when there are auctions for any land, the minimum price will become the reserve price.