Yamuna expressway land rates hiked by 5% from July 1

GREATER NOIDA: Property rates along the Yamuna Expressway will become dearer in the coming days. Yamuna Expressway Industrial Development Authority (YEIDA) has revised the land rates by 5% across all categories with effect from July 1.

The decision to hike the rates for institutional, commercial, residential, industrial and group housing property was, in fact, taken at a high-level meeting last week. Authority officials said that they have taken into account the prevailing cost inflation index and adjusted the prices accordingly.

Moreover, from this fiscal, YEIDA has also increased the reserved price that it gives to the farmers while purchasing their land. While earlier YEIDA was offering Rs 1,896 for a sqm to farmers, it is now giving Rs 2,068 for a sqm.

“The purchase price was increased by 9%. And the allotment rates have been increased by 5%. A lot of development work has to be taken up and increased earnings will be utilised for developing the region,” said YEIDA CEO Arun Vir Singh.

Earlier the Authority had been commanding a premium of Rs 16,780 per sqm for residential plots, while Rs 44,000 was taken for allocating commercial property. Industrial plots were allotted at Rs 6,670 per sqm while the ones used for group housing projects were sold at Rs 17,200 per sqm.

The Authority is eyeing at revenues of Rs 2,870 crore through the land allotment and property dues to be recovered from the existing allottees. Out of that, about Rs 2,318 crore will be mopped up through fresh allotment and the remaining Rs 553 crore as lease rent and transfer charges from the existing allottees. In another development, YEIDA has given another chance to private developers to settle their dues by August 31. The Authority will remove the developers from the defaulter’s list if they come forward and pay up 10% of their total dues by the deadline.

The Authority has awarded large plots to 25 different real estate companies over the years for building townships along the Yamuna Expressway. Besides that five plots have been also given for group housing projects. At present, YEIDA has to recover dues from the companies executing the township projects. Chairman of Supertech real estate group and president of UP-NAREDCO, RK Arora said, “We welcome this decision. If builders are able to seek last mile funding, the stalled projects could be revived again.”