Land becomes costlier in Yamuna Expressway region as Authority hikes allotment rates

Land becomes costlier in Yamuna Expressway region, rates hiked by 5.14%

Amid rising demand for land in the Yamuna Expressway region due to the upcoming Noida International Airport in Jewar, the Yamuna Expressway Industrial Development Authority (YEIDA) has decided to hike land allotment rates by 5.14 percent across all categories of plots such as residential, commercial, industrial, officials aware of the matter said.

They said that the land allotment rates were revised upwards because of increase in the cost inflation index.

“Due to rise in the cost inflation index by 5.14 percent, the land has become further costlier for the Authority. The Yamuna Expressway region is one of the hotspots for the investment in the NCR because of a number of development projects in the region such as Jewar Airport, Film City. The Authority needs to create a land bank to foster growth in the region and since the land is getting costlier, the Authority has to increase land allotment rates by 5.14 percent,” a YEIDA official told Moneycontrol.

He said that the decision was approved in the 80th board meeting of the Authority on March 12, where the Authority’s Budget for financial year FY 2024-25 was presented. The increased land allotment rates will be effective from April 1, 2024.

Also Read: Noida International Airport may spur 30-40% increase in land prices: CEO YEIDA

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Currently, land allotment rates for industrial plots in Yamuna Expressway region range between Rs 8,240 and Rs 13,542 per square metre (sq m), depending on the area and plot size. These will now oscillate between Rs 8,670 and Rs 14,240 per sq m.

For residential plots, the current allotment rate is Rs 24,600 per sq m which from April 1, 2024 will become Rs 25,900 per sq m, while allotment rates for group housing plots have been hiked to Rs 32,375 per sq m from existing Rs 30,750 per sq m.

Similarly, for commercial plots the land rates range from Rs 49,200 per sq m to Rs 59,100 per sq m but it will now range between Rs 51,800 and Rs 62,200 per sq m. The existing land allotment rates for IT/ITeS plots are between Rs 86,10 per sq m and Rs 16,300 per sq m which will now range between Rs 9,060 per sq m and Rs 17,150 per sq m. For corporate office, the land rates have been increased from Rs 23770 per sq m to Rs 25000 per sq m.

Also Read: YEIDA doubles allocation for Jewar airport to Rs 805 crore

In the board meeting, the Authority also approved a total budget of Rs 9,992.24 crore for FY 2024-25. It is around 77 percent higher than the previous fiscal’s budget of Rs 5,624.85 crore. Rs 6,063 crore has been kept aside for land acquisition in the region while Rs 702 crore will be allocated for Noida International Airport in Jewar.