??|?? July 26, 2012 ?? 12:19pm ??|
NOIDA/GREATER NOIDA: Buying a house or land in Noida, Greater Noida and the Yamuna Expressway areas has become costlier. In a board meeting held on Wednesday, the three development authorities announced a substantial hike in the allotment price across all categories of land.
The hike comes into effect from later this week soon after the authorities publish a formal notice. The Greater Noida and the Yamuna Expressway authorities have also increased the compensation rate to be offered to farmers for acquisition by 10.4%.
While in Noida, the allotment rates of group housing, residential and institutional properties have been hiked by 10.41%, commercial and industrial land rates have been hiked by 15% and 7.5%, respectively.
In Greater Noida, the allotment rate for land across all categories has been uniformly hiked by 10.4%. The Yamuna Expressway area has seen the steepest hike in allotment rates as residential properties have gone up by about 40%, while, the allotment rate for industrial and institutional properties have been hiked by 28 to 42%.
The authorities had last hiked the land rates by about 12.5% in May, 2011. ?The increase in prices is a routine affair carried out each year. It should have happened in March. However, due to the model code of conduct in place and the state elections that followed, the process got delayed,? said Sanjiv Saran, CEO, Noida Authority. ?The hike in allotment rates is also crucial considering the increase in land costs, inflation rates, etc,? Saran said.
The hike is especially important for the Greater Noida Authority that is reeling under a major cash crunch. ?The hike in rates was essential considering our current funds shortage. The year-old land row has imposed an extra burden on the Authority in the form of enhanced compensation and rehabilitation packages for the farmers who agreed upon a compromise. Besides, many development projects have remained stalled for months,? a Greater Noida Authority official said.
Already in a debt of Rs 4,000 crore and several development projects in limbo in the Noida Extension-Greater Noida area, the Greater Noida Authority had recently written to the Noida Authority requesting for a loan to tide over the crisis.
The hike in allotment rates means that residential properties in Noida have become dearer by at least Rs 5,100 per sqm in ?A? category sectors like 14,14A, 15A, 17 and 44 and by Rs 1,855 per sqm in ?E? category sectors like 102,115,158. Group housing flats in Noida have become costlier by almost Rs 7,000 per sqm in the ?A? category areas and by Rs 4,640 per sqm in ?B? category areas.
In the institutional category for IT/ITES properties, buyers will have to shell out Rs 29,515 per sqm now. For plots falling in the Phase II and III areas along the Noida-Greater Noida Expressway, the allotment rates have been fixed at Rs 10,660 per sqm.
Justifying the steep hike of nearly 40% in residential and institutional land falling in the Yamuna Expressway Industrial Development Authority?s area, an official said that compared to Greater Noida they had not increased their land rates since May, 2011. ?Also, considering the new Master Plan-2031 having a greater expanse of green areas and more land slated for roads, the remaining land for construction and allotment has reduced leading to the need for a increase in land rates,? the official said.
Meanwhile, the increase in land rates in the three areas has invited criticism from several developers. ?Considering the economic slowdown already being experienced, the hike in land would prove to be a counter-productive move for the real estate market,? said Getamber Anand, vice president CREDAI. ?It will add to the costs for the buyer and make houses and property more expensive,? he added.
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