Land prices shoot up in Noida

Realty developers in Noida, are set to take a hit of up to Rs 9,000 crore, due to the recent Allahabad High Court order that bars them from using 30 mn sq ft of floor space available to them in their existing projects under a liberal floor area ratio (FAR) regime. Due to this, prices are to rise 20 per cent, pushing up apartment prices. A higher FAR allows builders to grow vertically on the same piece of land. The average sale price for one sq ft of property in Noida is between Rs 5,000 - Rs 3,000.