Land rates up, but authority goes easy on group housing
Residential and commercial land allotment rates in the area have been increased by 23% and 24%, respectively
Sep 16, 2014
Source : The Times of India
Yamuna Expressway Industrial Development Authority (YEIDA)


GREATER NOIDA: Properties along Yamuna Expressway have just become costlier, after Yamuna Expressway Industrial Development Authority (YEIDA), in a board meeting on Monday, passed a proposal to hike land allotment rates.

Residential and commercial land allotment rates in the area have been increased by 23% and 24%, respectively, while industrial and institutional land rates have been raised by 10.9% and 10.76%, respectively. There is some relief for those who are planning to buy flats under group housing schemes, as rates for those have been hiked by only 5.35%.

YEIDA CEO P C Gupta said the authority needs funds to address farmers issues and to speed up development work.

"The authority will have to collect Rs 2,875 crore in the next two years to pay additional compensation for farmers. We thus had no option but to raise allotment rates. Still, compared to other NCR cities, this belt, loaded with world-class infrastructure, is affordable," said Gupta.

Residential rates have gone up from Rs 11,500 per sqm to Rs 14,200 per sqm, while commercial rates have risen from Rs 23,000 per sqm to Rs 28,500 per sqm.

With Noida and Greater Noida land prices skyrocketing, the area along the 165 km-long Yamuna expressway had emerged as an affordable housing hub for middle-class buyers.

But because the authority needs to raise more funds, it has decided to pass on the burden to realtors, who, expectedly, will increase rates of flats.

Farmers of 32 villages in the area have been organizing intense agitations to demand higher compensation, ever since the Allahabad high court, in October 2011, directed the government to pay 64.7% more compensation to farmers whose land had been acquired for urbanisation.

Latest Realty News

Gujarat Housing Board asked to pay for failing to give house for 15 years
Sep 16, 2014
As the Gujarat Housing Board (GHB) conducted draws recently and promised housing units to thousands of people in near future, Shahpur's Prakash Modi is likely to get his deposits back nearly 15 years after he had booked a house in GHB scheme, which was never materialized
'Revise taxes to build smart cities'
Sep 16, 2014
In what may seem like a hint at a not-very-free flow of funds from the Centre, Union urban development minister M Venkaiah Naidu on Monday made it clear that only revision of taxes and reforms in civic administration would help build smart cities, they would not come free
Housing society can approach other builder for redevelopment: HC
Sep 16, 2014
There was no relief from the Bombay high court for Kalpataru Properties in a mega redevelopment project in Kandivli
DDA amends policy, installing lifts now easier
Sep 16, 2014
Installing lifts at DDA apartment blocks in the capital is set to become easier with the Authority scrapping a clause requiring an affidavit stating that no modifications have been made to the building's terrace
PCMC razes just 1% of illegal buildings
Sep 15, 2014
The Pimpri Chinchwad Municipal Corporation (PCMC), which has pulled down 680 of 66,000 unauthorized constructions in the past two years, is yet to receive government response on regularization of illegal buildings
Chandigarh Municipal Corporation carries out anti-encroachment drive
Sep 15, 2014
Chandigarh Municipal Corporation carried-out a special anti-encroachment drive in all over the city. The authority challaned 216 violators for encroaching up on the MC and other government lands
Illegal Layouts Mushroom in City to Cash in on Capital Rush
Sep 15, 2014
Lack of coordination among the Revenue Department, Panchayat Raj Department and the VGTM-UDA coupled with the strong nexus between unscrupulous bureaucrats and realtors are the main reasons for mushrooming of unauthorised layouts in the Vijayawada capital region
Vijayawada, Vizag in Andhra Pradesh to be developed as smart cities, says Venkaiah Naidu
Sep 15, 2014
Union Urban Development Minister M Venkaiah Naidu today said Vijayawada and Visakhapatnam in Andhra Pradesh would be developed as 'smart cities'
Rajasthan Assembly to push land Bill today
Sep 15, 2014
A special session of the Rajasthan legislative Assembly has been called on Monday to pass the new Rajasthan Land Acquisition Bill and to endorse the National Judicial Appointments Commission Act
Election impact may hold back Mumbai, Gurgaon realty
Sep 15, 2014
Maharashtra and Haryana, the two states headed for legislative Assembly elections on October 15, have another thing in common. They are among the most prominent property markets and together are estimated to constitute 30-40 per cent of the pan-India real estate universe

Latest Realty News Of State

Realty Talk's