To increase the row height in a table you can either increase the extrarowheight through something like

setlengthextrarowheight{5pt}

or stretch the row through something like

renewcommand{arraystretch}{1.2}

as Thorsten Donig points out in the above comment.

IMHO, the best way to increase the height and keep the vertical alignment is to add the space when you break the row with \, for example with \[5pt].

This is an example (I've exaggerated a little with 50pt here)

documentclass{article}

usepackage{array}



newcolumntype{M}[1]{>{centeringarraybackslash}m{#1}}

newcolumntype{N}{@{}m{0pt}@{}}





begin{document}



begin{table}[ht]

begin{tabular}{|M{4cm}|M{4cm}|N}

hline

textbf{Text} & textbf{Text} &\[50pt]

hline

text & text&\[50pt]

hline

end{tabular}

end{table}



end{document} 

Note that I've added a column as the last one defined as @{}m{0pt}@{} to avoid the issue described here: Vertical alignment in table: m-column, row size - problem in last column.

Output

Super Simple Solution

_{I faced similar problem, & found a (not so conventional but) simple way to solve it. Wish, it will help others too.}

I had a table like this-

begin{tabular}{c|ccc}

$x$ & 1 & 2 & 3\ hline

$f(x)$ & 1 & 2 & 3

end{tabular}

And, I wanted to put some extra space before the second row-

So, I inserted an extra empty line-

begin{tabular}{c|ccc}

$x$ & 1 & 2 & 3\ hline 

\

$f(x)$ & 1 & 2 & 3

end{tabular}

But, now I had put too much space there-

So, I used negative line spacing to reduce it-

begin{tabular}{c|ccc}

$x$ & 1 & 2 & 3\ hline 

\[-1em]

$f(x)$ & 1 & 2 & 3

end{tabular}

Great! everything was perfect-

Use rule{0pt}{value} to change the single row height to value.

Source

for me, the My Kamal solution was not very useful although it did not give you the merit for an easy solution, but as I need to add notableentry on one of the cells would not be viable.
Herbert's solution for using the easytable package does not work for me when trying to use notableentry.
Then following the guidelines https://en.wikibooks.org/wiki/LaTeX/Tables in the section "Vertically centered images" that recommends to use the raisebox.
Raisebox is a local option and avoids confusing with global settings inside the script, but it will not give you the exact accuracy of centering the text but it's an option I found.

%! TEX program = lualatex

documentclass{article}

usepackage{tikz, geometry}

usepackage[utf8]{inputenc}

usepackage{amsmath}

usepackage{amssymb}

usepackage{fontspec} 

usepackage{array}

usepackage{zref-savepos}

usetikzlibrary{calc}

thispagestyle{empty}

newcounter{NoTableEntry}

renewcommand*{theNoTableEntry}{NTE-thevalue{NoTableEntry}}

newcommand*{notableentry}{%

  multicolumn{1}{@{}c@{}|}{%

    stepcounter{NoTableEntry}%

    vadjust pre{zsavepos{theNoTableEntry t}}% top

    vadjust{zsavepos{theNoTableEntry b}}% bottom

    zsavepos{theNoTableEntry l}% left

    hspace{0pt plus 1filll}%

    zsavepos{theNoTableEntry r}% right

    tikz[overlay]{%

      draw[black]

        let

          n{llx}={zposx{theNoTableEntry l}sp-zposx{theNoTableEntry r}sp},

          n{urx}={0},

          n{lly}={zposy{theNoTableEntry b}sp-zposy{theNoTableEntry r}sp},

          n{ury}={zposy{theNoTableEntry t}sp-zposy{theNoTableEntry r}sp}

        in

        (n{llx}, n{lly}) -- (n{urx}, n{ury})

        (n{llx}, n{ury}) -- (n{urx}, n{lly})

      ;

    }%

  }%

}

begin{document}

    begin{tabular}{|c|c|m{3cm}}

    hline

     $rule{0pt}{40pt}$mbox{Huge$

     textstyle 

     - frac{raisebox{.04in}{textsf{1}}}{raisebox{-.09in}{  textsf{2}  }}$}$$

     &

     $$mbox{Huge$displaystyle - {textsf{1}}$}$$

     \hline

        rule{0pt} {25pt}raisebox{.05in}{$$mbox{Huge$displaystyle 0$}$$}

     &

    notableentry 

     \hline

        rule{0pt}{50pt}raisebox{.20in}{$$mbox{Huge$

     textstyle 

        - frac{raisebox{.04in}{textsf{1}}}{raisebox{-.09in}{  textsf{2}  }}$}$$}

     &

        raisebox{.2in}{ $$mbox{Huge$displaystyle - {textsf{2}}$}$$}

        \hline

end{tabular}

    end{document}