In what can be termed as good news for likely land and property purchasers in Noida, the Noida Authority has slashed the conversion rate from 25% to 10%. The move comes after a similar slash in the neighboring Delhi had put pressure on the Noida Authority to do the same for Noida real estate.
With a slash should you need to convert your residential or industrial property into mixed land use, you will need to pay only 10% of the cost difference between residential and industrial reserve price, a massive discount from the earlier prevailing rate of 25%.
New changes in the Noida's land conversion rates:
While Noida Authority has reduced the fee for mixed land use for both residential and commercial land and property owners, all applicants seeking such a facility will now have to pay the fee in lump sum and not in installments as was the case with 25% margin fee in the past. The other terms and conditions of the policy remain largely unchanged. As per the Noida's Master Plan-2031 mixed land use is allowed on 25% of permissible FAR on the ground floor of industrial plots.
Noida’s Mixed Land use Policy:
As per prevailing building and zone regulations of Noida's Master Plan-2031, mixed land use is allowed for all kinds of commercial activity in residential and industrial plots that are situated on 24-metre-wide roads. The Noida Authority allows making of guest house and banks are permitted on all floors up to permissible FAR limit.
Fallout of the Slash in Prices:
According to the leading real estate portal commonfloor.com, the slash in land use conversion fee brings Noida at par with Delhi and other areas of Delhi NCR. This move is likely to make Noida even more attractive real estate destination as land prices are cheaper than Delhi and residents can now opt for mixed land use by paying a nominal 10% conversion charges compared to 25% charges which were deemed a bit too high by land owners in the past.
Considering all these, this is a good time to start investing in plots in Noida
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