Hike in Noida Land Rates by Authority
Residential plots in Greater Noida will be dearer by almost Rs 4,000 per sqm while for commercial and institutional plots an extra Rs 8,750 and Rs 2,025 per sqm, respectively, will be charged.
In Patwari alone, the Authority and builders have already incurred expenditure of Rs 300 crore in order to reach a compromise with the farmers. Now more funds will be required to pay off farmers in other villages if they accept the Patwari pact. Incidentally, three months back, the Greater Noida Authority had hiked land rates by 12.5 per cent.
The 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.
At its board meeting on Friday, Authority CEO Rama Raman announced a substantial hike in the price of all categories of land. Also, officials confirmed that the Authority is likely to impose some extra burden on builders as well as individual allottees as they will soon “announce a hike in the price of land that has already been allotted.”
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