The Yamuna Expressway Industrial Development Authority (YEIDA) announced an increase in the rate of land near the upcoming Noida International Airport on February 20, 2023. The decision to hike land rates was announced after the 76th board meeting of YEIDA, which functions under the Uttar Pradesh government’s Ministry of Industrial Development and manages land along the 165-km Yamuna Expressway.
According to an official statement, the rate of land has been increased in various categories including residential, group housing, industrial, institutional and commercial. The new rate of land for allotment or auction for residential category has been fixed at Rs 24,600 per square metre. The land rate in 2022-23 was Rs 18,510 per square metre.
Group housing rates have now been fixed at Rs 30,750 per square metre, which was earlier Rs 23,140 per square metre.
In the commercial category, the rates for ‘sector plans’ with floor area ratio (FAR) up to two have now been revised to Rs 49,200 per sq metre, while ‘master plans’ with FAR above two will now have one rate. 59,100 per square metre, according to the statement. In 2022-23, the rates were Rs 38,000 per sq m and Rs 46,000 per sq m, respectively.
The rate of land for religious construction, orphanages, widow homes, shelter for the elderly has been revised from Rs 6,900 per square meter to Rs 9,670 per square meter.
The new land rates fixed for corporate offices are Rs 23,770 per square metre, while the rates are Rs 21,650 per square meter for hospitals, Rs 13,542 for industries and Rs 16,300 per square meter for IT and IT-enabled services.
“YEIDA has increased the rates for allotment/auction of land in residential, group housing, commercial, industrial and institutional categories. The increase is in lieu of acquisition of land from farmers at the rate of Rs 3,100 per square metre, cost of internal and external development projects, special projects and schemes implemented in 2022-23, among other reasons. Its official statement.
YEIDA holds 12.50 per cent stake in Noida International Airport. A greenfield airport is currently under construction at Jewar, about 75 km from Delhi. Yamuna International Airport Private Limited, a wholly owned subsidiary of Zurich International Airport AG, is developing the project. The first phase of the airport project is expected to be completed by September 2024.
See also: YEIDA Plot Scheme 2022: Apply, Allotment Process, Lottery Draw Date
