Noida Authorities Raise Land Rates to ₹4,300 per sqm

Article Summary

- Revised rates match the prices of the Yamuna Expressway Industrial Development Authority
- Land prices have been raised to woo farmers to sell their land for the upcoming New Noida project.
- The land rates are as follows - ₹5,100 per sqm in Noida, ₹ 4,100 per sqm in Greater Noida and ₹4,300 per sqm in Yamuna city.

The Noida authority has taken a significant step forward in one of India's most ambitious urban projects by increasing its current land prices for its upcoming New Noida urban development project to ₹4,300 per sqm. Almost a decade has passed since the Noida authority last increased the land prices. Why now, you ask? Well, the only logocal reason cited for this significant step is to woo the farmers from 80 villages in Dadri, and Bulandshahr who currently own the land sited for the New Noida urban development project.

What is New Noida?

• Originally called the Dadri-Noida-Ghaziabad Investment Region (DNGIR). This new segment of Noida has almost 80 villages under its jurisdiction and covers 20,911 acres of land.
• According to the current master plan, over 8,800 hectares have already been reserved for industrial development, while 2,000 hectares have been allotted for residential development.
• The New Noida project is specifically aimed at making Uttar Pradesh a major economic hub.

Must Read: Bangalore’s 15% Deviation Proposal: Relief for Homeowners?

Why does this rate hike matter?

• The price dispute has been in play since the Jewar land acquisition, when farmers protested against low compensation. However, the actual storm picked up during the recent social media scandal, in which farmers who were compensated under the Jewar land deal started protesting, accusing the government of unfair pay.
• Adding fuel to the fire, Farmers and landowners who were approached for land acquisition for the New Noida project raised their voices over unfair pay and demanded that the prices be revised.
• Real estate experts believe that this price revision will encourage more farmers to sell their land/property, but should also trigger new project investments, boosting better infrastructure and economy across the region.

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