Land rates go up across Noida and Greater Noida

Land rates in Noida have been hiked by a whopping 18.4 per cent while in Greater Noida and Yamuna Expressway Boards the increase is 10 per cent and 15 per cent respectively.

The revised rates were approved by at the board meetings of the three authorities held on Wednesday.

In Noida, the allotment rate for newly-developed sectors has been hiked to Rs 29,600 per square meter from ` 25,000. A 200-square meter plot which at present costs Rs 50 lakh will be priced at Rs 59.20 lakh with the new rated. Besides this, around Rs 45,000 more will have to be paid on stamp duty.

At Greater Noida residential plot rates have been hiked from Rs 22,320 to Rs 23,100 per square meter. Group housing plots will be costlier from Rs 22,850 to Rs 28,230 per square.

Rama Raman, Chairman of Noida, Greater Noida and Yamuna Expressway authorities, said, “The current financial year Budget of Rs 9,211.87 crore has been revised to Rs 11,187.90 crore. The board has approved the revised Budget. It was necessitated due to loans given to Greater Noida and Yamuna Expressway authorities.”

The board has also come up with new outdoor advertisement policy which bans unipoles in the city. “New Noida outdoor advertisement policy 2015 has been approved on Delhi pattern. Street furniture, public utilities, garbage collection centre, bus shelters will be chosen for advertisement along the road. Unipoles will be banned,” said Raman.

In its 2015-16 Budget, the Greater Noida Industrial development Authority proposed to spend Rs 6,994.22 crore in 2015-16 even as the total income is projected at Rs 5,571.65 crore. The maximum spend of Rs. 3,300 crore will be on land acquision while Rs 1,603 crore is earmarked for “special projects’.

The GNIDA board also expects Rs.2,370 crore from group housing schemes in 2015-16. “The board on Wednesday approved the Budget proposals. It has also approved petrol pump and agriculture farms schemes,” said Harish Verma, Additional CEO of GNIDA.
Among the slew of decisions taken by the three authorities, one quite noteworthy was the approval granted by the Yamuna Expressway Industrial Development (YEIDA) to a proposal for tram and Metro services for seamless movement between Greater Noida and Noida.

“Once the technical and economic feasibility is prepared, proposals will be invited and e-tenders initiated before finalising a detailed project report,” said PC Gupta, CEO of YEIDA, after the board meeting. “This could take three-four months, after which we will be able to work out the project’s length and cost,” he said.

The YEIDA board also approved the Budget for a multi-modal transport system, along with a Master Plan for essential services including electrification, sewage, water, drainage. It has allocated Rs 7,580 crore for the Master Plan.

The board also gave its nod to eight petrol pumps, built-up shops and commercial plots in Sector 22A, besides group housing plots, plots for dairy and poultry, as well as clearing the transfer of a 48-hecatre plot to the National Highways Authority of India for an interchange on the Eastern Peripheral Expressway.