Allotment Rates hikes Plot Prices near Yamuna Expressway

The infrastructure near Yamuna expressway is developing in leaps and bounds and the demand for land in Yamuna Expressway region is up-ticking due to the upcoming Noida International Airport in Jewar. One of the officials said that, the Yamuna Expressway Industrial Development Authority (YEIDA) is hiking the allotment rates by 5.14 percent across all categories of plots such as residential, commercial, industrial.

One of the officials explained, “Due to rise in the cost inflation index by 5.14 percent, the land has become further costlier for the Authority. The Yamuna Expressway region is one of the hotspots for the investment in the NCR because of a number of development projects in the region such as Jewar Airport, Film City. The Authority needs to create a land bank to foster growth in the region and since the land is getting costlier, the Authority has to increase land allotment rates by 5.14 percent.”

They also mentioned that, the land allotment rates were changed upwards because of increase in the cost inflation index.

He also said that, the decision was taken in the 80th board meeting of the Authority which was scheduled on March 12. In this meeting, the Authority’s Budget for financial year FY 2024-25 was presented. And the hiked land allotment rate will be effective from 1^st April, 2024.

Presently, the land allotment rate for industrial plots in Yamuna Expressway region range between Rs.8,240 and Rs. 13,542 per square metre (sq m). This rate will roam around Rs. 8,670 and Rs 14,240 per sq m.

In case of residential plots, the current allotment rate is Rs. 24,600 per sq m which from April 1, 2024 will become Rs. 25,900 per sq m. and the rate for group housing stands at Rs. 32,375 per sq m which was earlier Rs. 30,750 per sq m.

For the commercial plots, the land rates range from Rs. 49,200 per sq m to Rs. 59,100 per sq m but it will now range between Rs. 51,800 and Rs. 62,200 per sq m. The current land allotment rate for IT/ITeS plots are between Rs. 86,10 per sq m and Rs. 16,300 per sq m which will now range between Rs. 9,060 per sq m and Rs. 17,150 per sq m. In case of the corporate offices,  the rate of the plot was increased from Rs. 23770 per sq m to Rs. 25000 per sq m.

The budget rate for FY2024-25 which is Rs. 9,992.24 crore, is also 7% higher than the previous fiscal’s budget of Rs. 5,624.85 crore. Rs. 6,063 crore has been kept aside for land acquisition in the region while Rs. 702 crore will be allocated for Noida International Airport in Jewar.