Noida land prices may zoom
The hike in rates was essential considering our current funds shortage
May 28, 2013
Source : The Economic Times


NOIDA: Buying a house or land in Noida, Greater Noida and along the Yamuna Expressway has become costlier. At a board meeting on Monday, three development authorities for these areas announced a substantial rise in allotment prices across all categories of land.

The revision comes into effect later this week, after the authorities publish a formal notification. The Greater Noida and the Yamuna Expressway authorities have also increased the compensation rate to be offered to farmers for acquisitions, besides providing a host of benefits to them.

In Noida, the allotment rates of group housing, residential and institutional properties have been hiked by 15%, commercial and industrial land rates have gone up by 30% and 11.25%. In Greater Noida, the allotment rate for land across all categories, except industrial, has been uniformly revised by 8.53%. The Yamuna Expressway area has also seen a hike in allotment rates of all categories of land by about 15%. The allotment rate for industrial properties remains the same as last year.


The authorities last hiked the rates between 7.5 and 40% in July 2012. "The increase in prices is a carried out each year. It should have happened in March, but got delayed," said Rama Raman, chairman & CEO of Noida, Greater Noida and chairman of Yamuna Expressway authorities. "The hike in allotment rates is vital considering the rise in land costs, etc," he said.


The hike is especially important for the Greater Noida Authority that is reeling under a major cash crunch. "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," Raman said.


The allotment rate rise means that residential properties in Noida have become dearer by at least Rs 8,115 per sqm in A Category sectors such as 14,14A, 15A, 17 and 44 and by Rs 2,950 per sqm in E Category sectors like 102,115 and 158. Group housing flats in Noida have are costlier by almost Rs 11,065 per sqm in A category areas and by Rs 4,180 per sqm in E category zones. In the institutional category for IT/ITES properties, Noida buyers will have to shell out Rs 33,940 per sqm now. For plots in Phase I and III industrial areas of Noida, the allotment rates are Rs 20,990 and Rs 7,740per sqm.


Raman said residential plots in Greater Noida will be dearer by almost Rs 1,592 per sqm while for commercial an extra Rs 3,155 will be charged. "Allotment rates in Yamuna Expressway Industrial Development Authority have also been increased between 14 to 18%," Raman said. Developers put up a brave face as future booking would cost more. "The hike is steep. This means Noida, Greater Noida and Yamuna e-way will no longer be affordable," said Getamber Anand, President Elect, National, CREDAI. "With floor-area ratio so expensive, it'll be difficult to sell property. This will be detrimental to real estate business," Anand said.

Latest Realty News

Realty firms tweak norms to push sales
May 28, 2013
Sluggish commercial market is prompting developers, occupiers and financiers to come up with different ideas to protect their interest and get things going. While developers are tweaking their offerings along with easier payment structures, including installment option, private equity players are opting for strata buys rather than acquiring entire projects for complete control.
Housing prices rise by around 1 pc in 20 major cities: NHB
May 28, 2013
Housing prices have increased marginally by an average 1.1 per cent in 20 major cities, including Delhi and Mumbai, in January-March 2013 over the previous quarter due to slowdown in demand, National Housing Bank said today.
YES Bank CEO Rana Kapoor's family buys Rs 128 cr house next to Mukesh Ambani's Antilla
May 28, 2013
The family of YES Bank BSE 0.11 % CEO and managing director Rana Kapoor has bought a residential building - jointly owned by Citibank and GlaxoSmithKline - on tony Altamount Road in Mumbai for Rs 128 crore, and plans to build a home there. The building is next to Mukesh Ambani's 27-storey Antilla.
Indiabulls Real Estate can move to Rs 110: Tulsian
May 28, 2013
SP Tulsian said "By and large, I am keeping a positive view on all the real estate stocks whether you talk of the Indiabulls Real Estate or Prestige Estate , Anant Raj . Maybe because Indiabulls Real Estate has a good presence in Mumbai, the three pockets - National Capital Region (NCR), Bangalore and Mumbai are really doing quite well."
State push for road projects
May 28, 2013
Road projects under the Pradhan Mantri Gram Sarak Yojana (PMGSY) scheme received a push on Monday with the state cabinet passing a proposal to form eight programme implementation units (PIU), which will look after the road construction projects in seven districts.
NRI woman's father arrested for property fraud
May 28, 2013
A non-resident Indian based in England, Irendeep Brown, 34, got a case registered against her father, brother and uncle for allegedly duping her of money to buy property
Gujarat International Finance Tec-City in trouble, seeks government help
May 28, 2013
Gujarat International Finance Tec-City (GIFT) desperately needs funds to extend basic civic infrastructure - drainage, water supply lines, utility duct lines, district cooling system and infrastructure for power supply - across the entire first phase of the GIFT city area
Corporation to develop facilities around metro stations
May 28, 2013
As metro rail plans to open the Koyambedu-St Thomas Mount elevated line by mid-2014, Corporation of Chennai is getting ready too — to provide access to the stations on the route.
Charges framed in Jalgaon housing scam
May 28, 2013
A Jalgaon trial court on Monday framed criminal charges against minister of state for transport Gulabrao Deokar and former housing minister Suresh Jain, the main accused in the Rs 169 crore Jalgaon housing scam.
SUV, superbike seized, Sethi back in jail
May 28, 2013
Police on Sunday seized three vehicles, including an SUV and a power bike, owned by AT Group's CMD Pradip Sethi. He was arrested here on May 12 for allegedly running an illegal money circulation business in Odisha.

Latest Realty News Of State

Realty Talk's