Land along Yamuna e-way may get costly

Delhi/NCR
Land along the Yamuna Expressway may get costlier after the September 13 assembly bypoll in Noida.

Yamuna Expressway Industrial Development Authority (YEIDA) is likely to ink a spike in allotment rates by 10 to 20 % across all categories of land, in a board meeting scheduled for September 15, sources said on September 6. According to the sources, residential and commercial land rates are likely to be up by about 20%, while industrial and institutional costs will be raised by 10%. Group housing, however, may see only a minimal increase in rates, they said.

If land allotment rates are hiked, it would be the second time this year in just three months.

YEIDA had in June hiked the land allotment rates by up to 33.33%. Residential rates were upped by about 12.7%, while allotment rates for industrial and institutional properties remained the same as 2013. Group housing had been hiked by more than 33% and recreational greens by 13.33%. Other important decisions that are likely to get the green signal from YEIDA include enhancement of compensation by 64.7 per cent to farmers, whose lands have been acquired in the area, the sources said.

The board is also likely to quantify the additional costs to be borne by the authority allottees due to the hiked compensation.

This is because Uttar Pradesh chief minister Akhilesh Yadav had directed YEIDA to pay the enhanced compensation of 64.7% to farmers whose lands were acquired in the area in August. Farmers, who will withdraw their court cases and also hand over the possession of land to the authority, will be able to avail of the hike of Rs 517, which will take the land acquisition rate to Rs 1,827 per square meter.

YEIDA is also likely to decide on the quantum of additional costs its allottees will have to bear of nearly Rs 6,000 crores, which will be distributed to farmers as hiked compensation. The recovery could be done on the lines of the Greater Noida Authority.

In Greater Noida, while allottees owning residential land have been asked to pay an additional Rs 1,465/sqm, owners of group housing flats have to cough up Rs 2,015/sqm. Allottees of other categories of land use like institutional, industrial and recreational greens need to pay Rs 550/sqm, while commercial land allottees are being charged an extra Rs 3,300/sqm.

Meanwhile, the board will also provide its nod to the online payment facility for its allottees. A group housing scheme of affordable homes will also be finalized, the sources said.

This scheme will have about 2500 units built on 45 square meters on offer. The price of these flats will be announced on September 15, but the sources said it could be about Rs 15 lakh.

Source:http://content.magicbricks.com/industry-news/delhi-ncr-real-estate-news/land-along-yamuna-e-way-may-get-costly/75440.html