The Greater Noida and Yamuna Authority are expected to recommend a land price rise in their regions. An agenda for this will be raised at the next board meeting. Further, the budget for the financial year 2025-26 will be introduced at this meeting. The Greater Noida Authority’s budget board meeting is booked for March 29, As reported by Hindustan.
According to an Authority official, the allotment rates of properties may go up to five percent. This proposal will be brought to the board meeting, and if agreed upon, land-buying in Greater Noida will be more expensive. An increase in allotment rates is normal at the start of every new financial year. The budget for the financial year 2025-26 may be above five thousand crores.
Compensation rates for farmers whose land is in acquisition is another possibility of increasing. The crop rate is currently 4,125 rupees per square meter, and farmers are unwilling to leave their land at this price. This is affecting development projects, and new projects are not getting land acquisitions.
The authority has also established camps in villages to acquire land on a consent basis; this has not been entirely successful. There is a substantial gap between the authority’s current rates of compensation and the current market rate. Following recent announcements by the Chief Minister to increase circle rates, there is an expectation of increased compensation levels “soon.”
More than 15 proposals, including increased amenities in urban and rural areas, development of industrial areas, and the development of a public transportation system, may come to the board meeting. The Yamuna Development Authority (YDA) has developed a working plan for the financial year 2025 – 26 with a budget that is approximately one thousand five hundred crores that will come to the board on March 28.
An official with the Yamuna Authority remarked that the main budget last year was approximately 8,870 crores, with about 6,000 crores for land purchases and acquisition. However, land was not acquired to the target amount, and last year’s main budget was not fully expended.
Consequently, there is a need to make revision to the budget. This year, the authority aims to present a budget of 8,500 crores, which again would predominantly account for expenditures on land purchase. Work is ongoing for the acquisition of 2,053 hectares of land for the third and fourth phases of the Noida International Airport.
Farmers who provide land for the airport are to be compensated with a rate of 4,300 rupees/sq metre. The authority is preparing a chart for compensating farmers to have accurate calculation of compensations. With the functioning of the Noida Airport, land prices in Yamuna City are also expected to increase.
Therefore, to lessen the burden of more than a 30% increase in the price of compensation for the third and fourth phases of the airport, the Yamuna Development Authority is looking to increase the prices of residential, commercial, and industrial plots by upwards of one and a half times. The authority has put together a proposal for implementing new land prices.
