On one hand where the real estate industry is all praises for Greater Noida Metro expansion plans, the property buyers might feel the heat as the authority is planning to levy taxes on properties close to the metro.
“Recently the committee headed by Rama Raman, CEO of the Greater Noida Authority has passed the recommendation to levy tax on properties close to the metro to raise funds for its construction. They have also planned to increase the FAR,” says one of the officials, familiar with the topic.
Not just the metro cess, but naming rights of the sectors are also expected to get auctioned to raise funds for the infrastructure development, as happened in Dubai and Gurgaon.
As per the official website of Greater Noida Authority, the metro is expected to start from Noida City Centre in Sector 32, and lead towards Greater Noida via. stations on the Dadri Road. In Greater Noida, the metro would connect Knowledge Park-II and Pari Chowk, Sector-Alpha 1 and 2, before terminating at Depot station proposed near recreational green, Knowledge Park-IV in Greater Noida.
Talking about the impact of the decision, experts are of the view that expensive properties are questioning the affordability quotient of the area. Greater Noida is usually conceived as one of the affordable hubs for home buyers who cannot afford the property in Delhi. With this extra cost, the property buying decision is going to be tough for home seekers.
Moreover, with increased FAR, the population density in areas close to metro junction would tend to increase. This would not only put more pressure on the infrastructure, but would also impact the area’s greenery. It is also expected to generate the need for more parking spaces.
Magic Bricks, Property News
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