DELHI: Buying a property in Noida and along the Yamuna expressway has become more expensive.
The authorities that administer Noida and areas along the Yamuna Expressway increased land allotment rates across all categories in a joint board meeting on June 2, the lowest at 7.8% and the highest a steep 33.33% per square metre. The new rates come into force with immediate effect.
Greater Noida will, however, see no change as the authority had revised land rates by over 10% this February, effective April 1.
While allotment rates for group housing, residential and institutional properties in Noida have gone up by 10.5% and industrial land rates by 7.8%, there is no change in rates for commercial land. Along the Yamuna expressway, land allotment rates for residential properties have increased by 12.7% while those for group housing properties have increased by 33.33% and that for recreational greens by 13.33%. Allotment rates for industrial and institutional properties were left unchanged.
Developers protested the move, saying the areas will no longer be affordable and future bookings will cost more. “Areas in Noida and along the Yamuna expressway will no longer remain affordable,” said Getamber Anand, president elect, CREDAI and CMD, ATS Infrastructure Ltd. “The hike could prove to be detrimental for the real estate business here, especially in the areas along the Yamuna Expressway,” Anand said. “The move will largely leave an impact on the middle and upper middle class,” said another developer.
The Noida and Greater Noida authorities had last increased land rates by 8.5-30% in May 2013. “The increase in rates is a routine every year. It should have happened in March but got delayed because of the Lok Sabha polls and the model code of conduct,” said Rama Raman, chairman and CEO of Noida, Greater Noida authorities and chairman of the Yamuna expressway authority. “The hike is crucial considering the rise in land costs and inflation,” he added.
With the hike in allotment rates in Noida, residential propertties in ‘A’ category sectors like 14,14A, 15, 15A, 17A and 44 have become costlier by at least Rs 6,530 per square metre and in ‘E’ category sectors such as 102,115,158 by Rs 2,375 per square metre. Group housing flats in ‘A’ category areas have become costlier by almost Rs 8,905 per sqare metre and in ‘E’ category areas by Rs 3,365 per square metre. In the institutional category, for IT/ITES properties in sectors 1, 16A and 24, buyers will have to shell out Rs 37,500 per square metre now. Allotment rates for plots up to 4,000 metres in Phase I, II and III industrial areas have been fixed at Rs 22,640, Rs 8060 and Rs 8,350 per square metre, respectively.
Residential and commercial plots along the Yamuna expressway have got dearer by almost Rs 1,300 and Rs 2,600 per square metre. “Allotment rates have been hiked from 12.74% to 33.33% here,” Raman said.
The three authorities also increased the compensation to be offered to farmers for land acquisition, besides providing a host of benefits to them. Raman said infrastructure projects in the district will get a push and encroached lands will be freed. To fast-track the Noida-Greater Noida Metro route, Raman said that after amending and implementing changes suggested by the urban development ministry, a revised detailed project report has been forwarded to the UP government for approval.