YEIDA clears hike in land allotment rate from Jan 1

The Yamuna Expressway Industrial Development Authority (YEIDA) has cleared a proposal to hike land allotment rates ranging from 5 pc to 20 pc from January 1 next year.

The proposal was passed at a joint board meeting of the three development authorities of Gautam Budh Nagar, held on Monday.

According to reports in the media, commercial rates have been raised by 20 pc, while allotment rates of group housing and residential properties hiked by 10 pc and industrial and institutional rates by 5 pc. The Yamuna E-way area has also seen a hike in allotment rate for recreational greens, which is up by 5 pc.

YEIDA had last hiked the land rates between 10 and 20 pc in June 2014. “The increase in prices is a routine affair, carried out every year. This time, we have revised the rates after 20 months,” said Arunvir Singh, CEO of YEIDA. “The hike in allotment rates is also crucial considering the increase in land costs, inflation, etc.,” he added.

However, in order to provide relief to property owners, YEIDA also reduced the property transfer charges from the existing 10 pc to 5 pc. This charge is levied on transfer or sale of a plot from one owner to another. Till September 2014, the transfer charges were 5 pc.