Land Prices Surge in Yamuna Expressway Region as Authority Raises Allotment Rates

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The Yamuna Expressway Industrial Development Authority (YEIDA) has announced a 5.14 percent increase in land allotment rates across all plot categories in the Yamuna Expressway region. This decision, approved during the 80th board meeting, reflects the authority's response to the surge in demand for land, driven primarily by upcoming projects like the Noida International Airport in Jewar and Film City.

Officials attribute the upward revision of land rates to the rise in the cost inflation index, necessitating adjustments to maintain pace with market dynamics. With the increased rates set to take effect from April 1, 2024, stakeholders in residential, commercial, and industrial sectors will experience adjustments in land allotment costs.

Notably, residential plot allotment rates will see an increment from Rs 24,600 to Rs 25,900 per square meter, while group housing plots will witness a hike from Rs 30,750 to Rs 32,375 per square meter. Similarly, industrial plot rates will range between Rs 8,670 and Rs 14,240 per square meter, compared to the previous range of Rs 8,240 to Rs 13,542 per square meter.

The decision to increase land rates aligns with YEIDA's strategic objective of creating a land bank to facilitate regional growth and development. A significant portion of the budget for the fiscal year 2024-25, amounting to Rs 9,992.24 crore, has been allocated for land acquisition and the Noida International Airport project in Jewar, indicating the authority's commitment to infrastructure expansion and urban development in the region.

This move is expected to have wide-ranging implications on real estate investment and development activities in the Yamuna Expressway region. As land becomes costlier, developers and investors may recalibrate their strategies to accommodate the revised cost structure. Moreover, stakeholders will closely monitor market dynamics to assess the impact of these adjustments on property prices and investment attractiveness in the region.

The decision underscores YEIDA's proactive approach to addressing the evolving needs of the real estate market while ensuring sustainable growth and development. It highlights the authority's role in regulating land transactions and fostering a conducive environment for investment and economic prosperity in the Yamuna Expressway region.