Yamuna Expressway authority hikes land allotment rates upto 38%

Yeida officials maintained that they had to increase the allotment rate in categories because the prevailing market rate is already high in these segments

If you want to build a house or set up a business along the Yamuna Expressway, you will now have to pay more as the Yamuna Expressway Industrial Development Authority (Yeida) has hiked land allotment rates in the area by upto 38%, officials said on Tuesday.

The land allotment rate hike comes in the wake of the work on Noida international airport in Jewar being expedited-- which has substantially increased the demand for land in the area, officials said (Representative image/HT Archive)

The land allotment rate is a reserve price at which the authority allots its land to buyers. The new rates will be effective from April for the 2022-23 fiscal, officials said, adding that the hike is in all segments be it residential, group housing, institutional and industrial except the commercial land.

“We have hiked land allotment rates as per market conditions after discussions with top officials according to the rules,” said Arun Vir Singh, chief executive officer, Yeida.

The land allotment rate hike comes in the wake of the work on Noida international airport in Jewar being expedited-- which has substantially increased the demand for land in the area, officials said.

Land allotment rates have increased by 38% in the industrial category since its demand is the highest, officials said, adding that Yeida has increased the rate in the in the group housing category by 27%, in the institutional category by 26% and in the information technology plot category by 37%. However, rates in the residential category have been hiked only by 6%.

“We have increased the land allotment rates in the residential category only by 6% so that making a house does not become costlier,” Singh said.

Yeida officials maintained that they had to increase the allotment rate in categories because the prevailing market rate is already high in these segments.

After the increase, Yeida will allot its residential plots at a rate of ₹18,510 per square metres instead of earlier ₹17,400 per sqm, group housing plots at ₹23,140 per sqm instead of ₹18,200 per sqm, institutional plots at ₹10,450 per sqm instead of ₹8,270 per sqm, IT plots at ₹11,630 per sqm instead of ₹8,430 per sqm and industry plots at ₹9,668 per sqm instead of ₹7,010 per sqm, officials said.

Yeida officials also said that they have allotted a budget of ₹8,500 crore for seven mega projects they plan to set up in the region this year creating thousands of new jobs and making a positive impact on property prospects.

However, plot allottees are not happy with the hike.

“Yeida should first develop facilities such as roads, parks, drains, water supply, electricity and other services for old allottees instead of increasing the allotment rates,” said Rishabh Nigam, president of Yamuna Expressway Entrepreneur Association.