Housing, industrial land costs near upcoming Noida Airport hiked

The Yamuna Expressway Industrial Development Authority (YEIDA) on Monday announced a hike in rate of land, a move that will result in increased property rates near the upcoming Noida International Airport.

The decision for land rate hike was announced after the 76th board meeting of the YEIDA, which functions under the Industrial Development Ministry of the Uttar Pradesh government and manages land along the 165-km-long Yamuna Expressway.

According to an official statement, the land rate increase is across categories, including residential, group housing, industrial, institutional and commercial.

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

In 2022-23, it was Rs 18,510 per square metre, according to last year's statement.

The rates for group housing has now been set at Rs 30,750 per square metre, up from Rs 23,140 per square metre till now.

In the commercial category, the rates of 'Sector Plan' with floor area ratio (FAR) up to two has now been set at Rs 49,200 per square metre, while those in the 'Master Plan' with FAR more than two will now cost Rs 59,100 per square metre, the statement showed.

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

Land rates for religious constructions, orphanages, widow homes, shelter for the elderly have been set at Rs 9,670 per square metre, up from Rs 6,900 per square metre, according to the statement.

Land rates for corporate offices have been set at Rs 23,770 per square metre, for hospitals at Rs 21,650, for industries at Rs 13,542 and for IT and IT-enabled services at Rs 16,300 per square metre, it showed.

"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 is a 12.50 per cent stakeholder in the Noida International Airport, which is currently under development at Jewar, some 75 kilometres from Delhi.

The greenfield airport is being developed by the Yamuna International Airport Private Limited, a fully-owned subsidiary of the Zurich International Airport AG. The first phase of the airport is scheduled to be completed by September 2024.

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