Looking to purchase property near the Yamuna Expressway? You will have to pay more starting in April.

NOIDA: Purchasing land near the Noida International Airport site is expected to become more expensive beginning in April. The board of the Yamuna Expressway Authority has increased the land allotment rates in the Jewar airport premises by 30% to 40%, effective next fiscal year.

While rates in the group housing and residential plot categories have increased by approximately 33%, rates in the industrial, institutional, and IT/ITES categories have increased by approximately 40%. Purchasing commercial land will also be 30% more expensive.

Given the high demand for plots in Medical Device Park, which is being built on approximately 350 acres of land, YEIDA has increased allotment rates in this sector by 5%. Officials have cited an increase in farmer compensation rates for land acquisition as a major reason for this increase.

In fact, due to a large number of upcoming projects, YEIDA expects to spend more than double the amount on land acquisition in FY 2023-24 compared to the current fiscal year.

As a result, during its 76th board meeting on Monday in Lucknow, YEIDA approved a budget of Rs 5,624 crore for 2023-24. The proposed budget is 23% higher than the budget for the fiscal year 2022-23. (Rs 4,515 crore). According to officials, no bank loans were taken out in 2022-23, but a loan of Rs 533.11 crore was repaid.

A budget of Rs 805 crore has been suggested for the upcoming Noida International Airport in the coming fiscal year, along with Rs 500 crore for multi-modal connectivity. YEIDA will spend Rs 1,851 crore on land acquisition.

Arun Vir Singh, CEO of YEIDA, stated, “We earned a net profit of Rs 404 crore in the fiscal year 2021-22, nearly two and a half times what we earned in the fiscal year 2020-21. For the past four years, the Authority has consistently turned a profit.”

“The UP cabinet recently increased the amount of compensation given to farmers to Rs 3,100 per sqm from Rs 2,300,” said the CEO, justifying the land rate increase. In addition, spending on internal and external development, as well as special projects, has increased.”

The favorable market conditions, as evidenced by the success of the Authority’s schemes in various residential, commercial, institutional, and industrial schemes where a large number of people expressed interest in purchasing land, have also contributed to the price increase, according to officials.

Residential plots will be allotted at Rs 24,600 per sqm under the new rates, up from Rs 18,510 per sqm in the current fiscal year. The group housing plot allotment rate has been raised from Rs 23,140 to Rs 30,750 per sqm.

Commercial plots will be priced between Rs 49,200 and Rs 59,100 per sqm, up from the current range of Rs 38,000 to Rs 46,000 per sqm. Similarly, industrial plots that are currently available for Rs 9,668 per sqm will cost Rs 13,542 per sqm, while IT/ITES plots will cost Rs 16,300 per sqm, up from Rs 11,630 per sqm.