Housing prices to rise near Noida International airport

22 Feb 2023 CW Team

According to the statement, the new rate of land allocation or auction has been set at Rs 24,600 per square metre for the residential category.

The Yamuna Expressway Industrial Development Authority (YEIDA) announced a land rate increase which will result in higher property prices near the upcoming Noida International Airport.

The decision to raise land rates was made following the 76th board meeting of the YEIDA, which is part of the Uttar Pradesh government's Industrial Development Ministry and manages land along the 165-kilometre-long Yamuna Expressway.

According to an official statement, the land rate increase affects all residential, group housing, industrial, institutional, and commercial properties.

According to the statement, the new rate of land allocation or auction has been set at Rs 24,600 per square metre for the residential category.

According to last year's statement, it will be Rs 18,510 per square metre in 2022-23.

The rate for group housing is now Rs 30,750 per square metre, up from Rs 23,140 per square metre previously.

The 'Sector Plan' with floor area ratio (FAR) up to two now costs Rs 49,200 per square metre in the commercial category, while the 'Master Plan' with FAR greater than two now costs Rs 59,100 per square metre, according to the statement.

These rates were Rs 38,000 per square metre and Rs 46,000 per square metre in 2022-23, respectively.

According to the statement, land rates for religious structures, orphanages, widow homes, and elderly shelters have been raised to Rs 9,670 per square metre from Rs 6,900 per square metre.

It showed that land rates for corporate offices were set at Rs 23,770 per square metre, hospitals at Rs 21,650, industries at Rs 13,542 and IT and IT-enabled services at Rs 16,300 per square metre.

"The YEIDA has increased the rates for allotment/auction of land in residential, group housing, commercial, industrial, institutional categories. The increase is in lieu of reasons including the acquisition of land from farmers at the rate of Rs 3,100 per square metre, cost of internal and external development projects, special projects and schemes which have been implemented in 2022-23," the YEIDA said in the statement.

The YEIDA owns 12.50 percent of the Noida International Airport, which is currently under construction in Jewar, about 75 kilometres from Delhi.

Yamuna International Airport Private Limited, a wholly owned subsidiary of Zurich International Airport AG, is developing the greenfield airport. The airport's first phase is expected to be completed in September 2024.

Arun Vir Singh, the CEO of YEIDA, is also the chairperson of the Noida International Airport Limited (NIAL), which is implementing the UP government's joint venture airport project.