Houses in Noida Extension likely to cost more
The concept of affordable housing in Noida Extension and other areas in Greater Noida is now a thing of the past.india Updated: Sep 03, 2011 00:48 IST
The concept of affordable housing in Noida Extension and other areas in Greater Noida is now a thing of the past.
As if one lakh-odd houses getting stuck in a land acquisition row in Noida Extension was not enough, the Greater Noida authority has increased land allotment rates, which, in turn, may make all future house bookings costlier by 30%. The new land allotment rates, upped by 16% to 40%, have come into effect immediately.
In case of group housing plots, the rate has been hiked from Rs 12,400 per sqm to Rs 17,300 per sqm. For residential plots, allottees will be paying Rs 16,900 per sq m compared to the existing Rs 13,000 per sqm. Rates for commercial, institutional, industrial, hospital and recreational plots have also been hiked.
Builders say the move will hit future homebuyers hard. Anil Sharma of Amrapali Group said, "The authority still has a lot of land to auction in Noida Extension and Greater Noida. The burden will be passed on to buyers."
Courts have quashed forcible land acquisition by the authority in two villages. Other villages have also moved court. The authority is already spending more than Rs 300 crore in Patwari to make farmers withdraw their quash-acquisition petitions.
Meanwhile, the Yamuna Expressway authority said it would give a bonus of Rs 35 per sqm to farmers whose land has been acquired to quell the agitation for compensation.
This is a second hike in quick succession. In May, the authority had hiked land allotment rates by 12.5%. Because of UP's new land policy, the authority has to return 16% of developed land or cash in lieu of it to farmers.
"When the authority buys and develops land, 50% of it is lost on roads, parks, and community areas. The total saleable area is only 25%," said an official.
First Published: Sep 03, 2011 00:46 IST