Buying property on Noida expressway and Yamuna expressway become costlier..

Allotment Rates Up By 7.8% to 33.3%, Real Estate developer and Builders Expect hike to hurt sales.

Buying a property in Noida and along the Yamuna expressway has become more expensive.

The authorities that administer Noida and areas along the Yamuna Expressway increased land allotment rates across all categories in a joint board meeting on Monday , the lowest at 7.8% and the highest a steep 33.33% per square metre.
The new rates come into force with immediate effect.

Yamuna Expressway

Greater Noida will, however, see no change as the authority had revised land rates by over 10% this February , effective April 1.

While allotment rates for group housing, residential and institutional properties in Noida have gone up by 10.5% and industrial land rates by 7.8%, there is no change in rates for commercial land.

Along the Yamuna expressway , land allotment rates for residential properties have increased by 12.7% while those for group housing properties have increased by 33.33% and that for recreational greens by 13.33%. Allotment rates for industrial and institutional properties were left unchanged.

Areas in Noida and along the Yamuna expressway will no longer remain affordable. The hike could prove to be detrimental for the real estate business, especially in the areas along the Yamuna Expressway . The move will largely leave an impact on the middle and upper middle class.

The Noida and Greater Noi da authorities had last in creased land rates by 8.5-30% in May 2013.

With the hike in allotment rates in Noida, residential properties in ` A' category sectors like 14,14 A, 15, 15 A, 17 A and 44 have become costlier by at least Rs 6,530 per square meter and in `E' category sec tors such as 102,115,158 by Rs 2,375 per square meter. Group housing flats in ` A' category areas have become costlier by almost Rs 8,905 per square meter and in `E' category areas by Rs 3,365 per square metre.

In the institutional category, for IT/ITES properties in sectors 1, 16 A and 24, buyers will have to shell out Rs 37,500 per square metre now. Allotment rates for plots up to 4,000 meters in Phase I, II and III industrial areas have been fixed at Rs 22,640, Rs 8060 and Rs 8,350 per square meter, respectively .

Residential and commercial plots along the Yamuna Expressway have got dearer by almost Rs 1,300 and Rs 2600 per square meter. Allotment rates have been hiked from 12.74% to 33.33% here.

The three authorities also increased the compensation rate to be offered to farmers for land acquisition. Infrastructure projects in the district will get a push and encroached lands will be freed.

To fast-track the Noida-Greater Noida Metro route a revised detailed project report has been forwarded to the UP government for approval.

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