Buying land off Yamuna expressway? You'll have to pay more from April

Buying land off Yamuna expressway? You’ll have to pay more from April

NOIDA: Buying land near the Noida International Airport site is all set to get expensive from
April. The Yamuna Expressway Authority’s board has raised the land allotment rates across all
categories in the Jewar airport area by 30% to 40%, effective next fiscal.
While the rates in the group housing and residential plot categories have been increased by
about 33%, it is around 40% over in the industrial, institutional and IT/ITES categories. Buying
land in the commercial category will also be costlier by 30%.
Given the huge demand for plots in the Medical Device Park being developed in about 350
acres of land, YEIDA has increased the allotment rates in this sector by 5%. Officials have cited
a rise in the compensation rates to farmers for land acquisition as a major reason for this hike.
In fact, YEIDA plans to spend more than double on land acquisition in FY 2023-24 as compared
to the current fiscal in view of many upcoming projects.
Accordingly, YEIDA approved a budget of Rs 5,624 crore for 2023-24 during its 76th board
meeting held in Lucknow on Monday. The proposed budget is 23% more than the financial year
2022-23 (Rs 4,515 crore). According to officials, no loan was taken from banks in 2022-23,
whereas a loan of Rs 533.11 crore was repaid. In the next financial year, a budget of Rs 805
crore has been proposed for the upcoming Noida International Airport and Rs 500 crore for multi-modal connectivity. On land acquisition, YEIDA will spend Rs 1,851 crore.

CEO Arun Vir Singh said, “In the financial year 2021-22, we got a net profit of Rs 404 crore,
which is almost two and a half times as compared to Rs 170 crore in 2020-21. The Authority has
been earning profit continuously for the last four years.”
Justifying the land rate hike, the CEO said, “The UP cabinet recently increased the rate of
compensation given to farmers to Rs 3,100 per sqm from Rs 2,300. Besides that, the
expenditure on internal and external development and special projects have also gone up.”
The favourable market condition corroborated by the success of the Authority’s schemes in
various residential, commercial, institutional and industrial schemes wherein a large number of
people showed interest to buy land have also played a role in hiking the price, officials said.
According to the new rates, residential plots will be allotted at Rs 24,600 per sqm while it’s Rs
18,510 per sqm in the current financial year. The allotment rate of group housing plots has been
increased from Rs 23,140 to Rs 30,750 per sqm.
Plots of the commercial category will be allotted from Rs 49,200 to Rs 59,100 per sqm, from the
current range of Rs 38,000 to Rs 46,000 per sqm. Similarly, industrial plots which are available
for Rs 9,668 per sqm will cost Rs 13,542 per sqm, while IT/ITES plots will be allotted for Rs
16,300 per sqm from the current Rs 11,630 per sqm.