Yeida okays ₹9,991 cr budget, property to get costly
GREATER NOIDA: The Yamuna Expressway Industrial Development Authority (Yeida) on Friday in its board meeting raised the land allotment rates, making the property prices costlier for the new buyers, and also approved a budget of ₹9,991 crore budget for FY 2025-26.
Yeida has increased the allotment rates for all the categories including residential, commercial, industrial, group housing, institutional and other categories too. The hike is in the range of 20 to 110%, drawing flak from the property buyers.
Yeida said it has revised the land allotment rates and also approved a ₹9,991 crore budget, keeping in mind the prevalent market rates and requirements.
It hiked allotment rates at which the property is sold or auctioned by 110% for corporate office plots, the group housing land prices increased by 62%, and residential plots are now 35% more expensive than earlier, said officials.
“The board has approved the new rates keeping in mind the higher land acquisition costs and market sentiments,” said Yeida’s CEO Arun Vir Singh.
The maximum hike was approved for corporate office plots, where prices have more than doubled from ₹25,000 per square metre (sqm) to ₹52,500. The commercial sector has also seen a major hike of 35%. Also, Yeida has hiked 10% across all plot sizes of industrial category.
Yeida has defended the price hike, stating that it is necessary due to the rising cost of acquiring land from farmers. During Friday’s board meeting, it was also decided that compensation to farmers for land acquisition would be increased from ₹3,100 per sqm to ₹4,300 per sqm. This, according to officials, has directly impacted the pricing of developed land.
