Yeida approves ₹9,992 crore budget for fiscal 2024-25; land allotment rates hiked

Yeida has doubled the budget approval for the 2024-25 financial year because it needs to develop at least 10 new sectors, in proximity to the upcoming airport

The Yamuna Expressway Industrial Development Authority (Yeida) on Tuesday said that it has approved a budget of ₹9,992 crore for financial year 2024-25, which is almost double the budget amount for the previous fiscal 2023-24 that had a budget of ₹5,630 crore.

The Yeida has also decided to increase the land allotment rate by 5.14% in all categories of land such as residential, commercial, institutional and mixed land use, said officials. This means that Yeida will increase the rate at which the authority sells its land to the allottees. (HT Archive)

“We have doubled the budget approval for the 2024-25 financial year because we need to develop at least 10 new sectors, in close proximity to the upcoming Noida international airport along Yamuna Expressway, for urban habitation purposes. The board has decided to spend the lion’s share of the budget on land acquisition and development of new sectors,” said Arun Vir Singh, chief executive officer, Yeida.

Yeida to increase land allotment rates

The Yeida has also decided to increase the land allotment rate by 5.14% in all categories of land such as residential, commercial, institutional and mixed land use, said officials. This means that Yeida will increase the rate at which the authority sells its land to the allottees.

“The board has decided to increase the allotment rate by a very nominal margin so that the rates stay low and attractive to investors and applicants who want to build a house in this area. We have increased the allotment rates keeping in mind the inflation rate index, but also not to increase it too much as it discourages investors and property buyers,” said Singh.

The new rates for housing land for those who want to buy a plot is ₹25,900 per square metre (sqm) as against the earlier rate of ₹24,600 per sqm.

New commercial land rates

New commercial land rates are in the range of ₹51,800-62,200 per sqm against the earlier range of ₹49,200-59,100 per sqm. New rate for group housing land is ₹32,375 per sqm against earlier rates of ₹30,750 per sqm.

The new institutional land rates are ₹7,930-17,150 per sqm against the earlier range ₹7,530-16,300 per sqm.

The Yeida has kept new rates for industrial plots in the range of ₹8,670-14,240 per sqm, against the earlier rate ₹8,240-13,542 per sqm.

The new sectors -- 5, 6, 7, 8, 9, 10, 4A, 5A, 28 and 29 -- are to be developed on priority basis and Yeida needs to acquire land for these new dedicated developmental zones, said officials.

“The process to acquire the land from the farmers started in 2023 beginning. We will soon complete the process and then start taking possession of the land so that we can develop the areas and allot the same for the development to investors,” said Singh.

The Yeida has also decided to pass on the penal interest waivers to homebuyers under the “2023 stalled legacy housing projects” that offers waivers on penalties and penal interest to realtors for the two years of Covid-19 (2020 and 2021).

“The policy offers waivers on penal interests to stalled legacy housing projects. The board has taken a decision that these benefits must also reach apartment buyers. The board decision will ensure the realtors offer benefits to apartment buyers,” said Singh.