Naredco opposes move to hike land rates by Noida authorities

The National Real Estate Developers Council (Naredco) has regretted the proposal of the Noida, Greater Noida and Yamuna Expressway authorities to increase land allotment rates by 14.9 per cent for builders and developers.

The proposal to increase the land prices has been sent to the AkhileshYadav Government for approval.

According to a press release issued on Tuesday, Naredco President Parveen Jain said the hike comes at a time when the real estate industry is in crisis due to slow demand of flats in the market.

On the other hand, Jain said, Haryana and other states are considering reducing the land rates to help the industry to come of the red. West Bengal had already reduced the land prices, he added.

Jain urged the Uttar Pradesh Government not to accept the proposal of the Noida, Greater Noida and Yamuna Expressway authorities and said the state should rather consider reducing the land rates in the interest of the industry and the homebuyers.

The release said some developers facing crisis are not able to develop the surplus land due to paucity of funds and want to surrender it so that they can complete the projects at hand. The authorities, it added, are willing to take back the land at the old rate and plan to resell it at the current market prices.