The Yamuna Expressway Industrial Improvement Authority (Yeida) on Monday hiked the land allotment charges by 33% to 40% for various classes of plots as demand for land soars in the area owing to the upcoming Noida worldwide greenfield airport in Jewar in addition to variety of different infrastructure tasks, officers in the know of matter mentioned.
The land charges have been hiked for all segments, together with residential, industrial and industrial, officers mentioned.
The choice to hike the charges was taken in the board assembly of the authority held in Lucknow on Monday, below the chairmanship of Arvind Kumar, further chief secretary, Uttar Pradesh, who can also be the chairman of Yamuna Expressway authority.
“We have now hiked the land allotment charges in all classes as per the market situations. The board took this determination after detailed discussions and the brand new charges can be relevant once we will launch allotment schemes in the completely different classes,” mentioned Arun Vir Singh, chief govt officer, Yeida.
The brand new allotment fee for residential plot can be ₹24,600 per sq. metre (sqm) towards the outdated fee of ₹18510 per sqm.For industrial websites, the speed is ₹49,200 per sq. metres towards the outdated fee of ₹38,000 per sqm, for group housing the brand new fee is ₹30,750 per sqm towards the outdated fee of ₹23,140 per sqm. For faculties and establishments, the brand new fee is ₹14,280 per sqm towards the outdated charges of ₹10,450 per sqm and industrial plot for ₹13,542 per sqm towards the outdated fee of ₹9,668 per sqm.
The Yeida officers mentioned they’ve additionally hiked the land acquisition charges from ₹2,300 per sqm to ₹3,100 per sqm, after heeding calls for of farmers whose land is ready to be acquired for the brand new and upcoming phases of the expressway.
“Yeida should pay extra to accumulate agricultural land so it wants to extend the land allotment charges too. Additionally, the demand for all classes of land has been elevated. Due to this fact, Yeida has determined to hike the land allotment charges,” mentioned an Yeida official, asking to not be named.
“Yeida shouldn’t hike the land charges amid the current market situations as a result of in the event that they wish to encourage development in this space, then they should present cheaper land for buyers. Other than that, the city space in Yamuna Expressway remains to be not match for habitation. So climbing land charges in residential class will not be advisable,” mentioned Dev Prakash Tripath, managing director of Bluecrumbs, an actual property guide agency primarily based in Noida.