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Noida: Buying land in Noida gets costlier

Prices of real estate properties including land and houses in Noida, Greater Noida and along the Yamuna Expressway have gone up. This is the effect of an announcement made at a board meeting on May 27, according to which allotment prices across all categories of land have been increased. The Greater Noida and the Yamuna Expressway authorities also decided to increase the compensation rate which farmers get for land acquisitions. This increase is besides other several benefits offered to them.

 

Allotment rates in Noida have been increased by 15 percent for group housing, residential and institutional projects while the same for commercial and industrial land have been hiked by 30 percent and nearly 11 percent respectively. Hike in allotment rates in Greater Noida and along Yamuna Expressway is around 8.53 percent and 15 percent respectively for land in all categories except industrial land. Last hike in rates was in July 2012 which was somewhere between 7 percent and 40 percent.

 

Rama Raman, Chairman and CEO of Noida, Greater Noida and Chairman of Yamuna Expressway authorities stated, “The increase in prices is carried out each year. It should have happened in March, but got delayed. The hike in allotment rates is vital considering the rise in land costs, etc. The hike in rates was essential considering our current funds shortage. The more than two year-old land row has imposed an extra burden on the Authority in the form of enhanced compensation and rehabilitation packages for the farmers. Besides, many development projects have remained stalled for months.”

 

Due to the hike in allotment rates, residential properties in Noida have got costlier by at least Rs, 8115 per square metre in A category sectors such as 14,14A, 15A, 17 and 44 while in E category sectors such as 102,115 and 158, it has increased by Rs. 2950 per square metre. Group housing flats, IT/ITES and plots in Phase I and III will be dearer by around Rs. 11065 per square metre, Rs. 33,940 per square metre, Rs. 20990 per square metre and Rs. 7740 per square metre respectively.

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