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.