The land rates have been hiked for all segments, including residential, industrial and commercial, officials said

The Yamuna Expressway Industrial Development Authority (Yeida) on Monday hiked the land allotment rates by 33% to 40% for different categories of plots as demand for land soars in the region owing to the upcoming Noida international greenfield airport in Jewar as well as number of other infrastructure projects, officials in the know of matter said.

The land rates have been hiked for all segments, including residential, industrial and commercial, officials said.

The decision to hike the rates was taken in the board meeting of the authority held in Lucknow on Monday, under the chairmanship of Arvind Kumar, additional chief secretary, Uttar Pradesh, who is also the chairman of Yamuna Expressway authority.

“We have hiked the land allotment rates in all categories as per the market conditions. The board took this decision after detailed discussions and the new rates will be applicable when we will launch allotment schemes in the different categories,” said Arun Vir Singh, chief executive officer, Yeida.

The new allotment rate for residential plot will be ₹24,600 per square metre (sqm) against the old rate of ₹18510 per sqm.For commercial sites, the rate is ₹49,200 per square metres against the old rate of ₹38,000 per sqm, for group housing the new rate is ₹30,750 per sqm against the old rate of ₹23,140 per sqm. For schools and institutions, the new rate is ₹14,280 per sqm against the old rates of ₹10,450 per sqm and industrial plot for ₹13,542 per sqm against the old rate of ₹9,668 per sqm.

The Yeida officials said they have also hiked the land acquisition rates from ₹2,300 per sqm to ₹3,100 per sqm, after heeding demands of farmers whose land is set to be acquired for the new and upcoming phases of the expressway.

“Yeida will have to pay more to acquire agricultural land so it needs to increase the land allotment rates too. Also, the demand for all categories of land has been increased. Therefore, Yeida has decided to hike the land allotment rates,” said an Yeida official, asking not to be named.

“Yeida should not hike the land rates amid the present market conditions because if they want to encourage growth in this area, then they need to provide cheaper land for investors. Apart from that, the urban area in Yamuna Expressway is still not fit for habitation. So hiking land rates in residential category is not advisable,” said Dev Prakash Tripath, managing director of Bluecrumbs, a real estate consultant firm based in Noida.