NOIDA: Land allotment rates in Noida were increased by a steep 18.4 per cent on Wednesday , the biggest hike in recent times that coincides with the state paying additional compensation to farmers from whom it acquired plots.
The decision was taken at a joint board meeting of the Noida, Greater Noida and Yamuna expressway authorities. In Noida, the 18.4 per cent increase is applicable to all categories of land, including group housing, residential and institutional properties, but not commercial ones. Rates were hiked in Greater Noida, too, the raise ranging from 4-49 per cent depending on land category . The revised rates are applicable in Noida with immediate effect. In Greater Noida, they come into force from April 1. The Yamuna Expressway Industrial Development Authority (YEIDA) has decided not to revise existing rates.
Commercial land allotment rates in Noida have not been changed because demand has slowed down, officials said, and higher prices would further discourage investment.
In Greater Noida, allotment rates for institutional properties with an area of 4,000 sq m or less have been increased by 29 per cent. For industrial properties with a size of 4,000 sq m or less, rates have been increased by 10 per cent. Land for commercial properties will be ex pensive by about 4 per cent. The hike is steeper in the group housing segment, which has seen an over 23 per cent hike. For recreational greens, the increase is nearly 49 per cent.
The rates were last hiked in Noida in June 2014 (7-10.5 per cent) and in Greater Noida (10 per cent) last February . "The increase in prices is a routine affair carried out each year," said Rama Raman, chairman of the three authorities. "The hike in allotment rates is crucial considering the increase in land costs, inflation rates, farmers' land compensation, etc," he added.
Raman said residential plots in the Greater Noida area will be dearer by almost Rs 780 per sqm while for commercial plots, an extra Rs 1,945 will be charged.