Yeida Approves ₹9,991 Cr Budget, Paving the Way for Costlier Properties

In a move set to redefine real estate pricing in Greater Noida, the Yamuna Expressway Industrial Development Authority (Yeida) has approved a budget of ₹9,991 crore for FY 2025-26 and announced significant hikes in land allotment rates across all categories. This decision is expected to lead to higher property prices for new buyers, as Yeida revises its pricing structure to reflect increased land acquisition costs and prevailing market sentiments.

Major Rate Hikes Across All Sectors

Yeida has increased allotment rates for every property category, including residential, commercial, industrial, group housing, and institutional sectors. According to the board meeting, the rate hikes vary significantly:

• Corporate Office Plots: Prices have more than doubled, with rates jumping from ₹25,000 per square meter to ₹52,500 per square meter a staggering 110% increase.
• Group Housing Land: The allotment rates for group housing have risen by 62%.
• Residential Plots: Buyers can expect a 35% increase in the cost of residential plots.
• Commercial Properties: The commercial sector has seen a 35% hike, ensuring that the new rates are more in line with current market conditions.
• Industrial Plots: The allotment rates across all industrial plot sizes have been increased by 10%.

These increases are aimed at aligning official property values with the real-time market and the higher costs incurred during land acquisition.

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Compensation to Farmers and Its Impact

A key component of the rate revision is the adjustment in compensation for land acquisition. Yeida has raised the compensation rate for farmers from ₹3,100 per square meter to ₹4,300 per square meter. This change is a direct response to the rising costs of acquiring land from farmers, which has had a cascading effect on the pricing of developed land in Greater Noida. By ensuring fair compensation for landowners, Yeida aims to facilitate smoother transactions and foster a more sustainable property market.

Reactions from the Market

The new measures have drawn mixed reactions from the market. Many property buyers and developers have expressed concerns that the substantial increase in Yeida allotment rates will make properties costlier, potentially slowing down transactions in an already cautious market. With the revised rates, new property registrations and future real estate investments in the region are expected to experience a significant surge in costs.

Industry experts warn that passing on these increased costs to homebuyers could further strain an already sensitive market, especially as economic conditions continue to fluctuate. However, Yeida defends its decision, citing that the adjustments are necessary to keep pace with current market trends and the elevated costs of land acquisition.

Conclusion

The decision by Yeida to approve a ₹9,991 crore budget and hike land allotment rates across all categories is a pivotal development in the Greater Noida real estate market. With dramatic increases in rates for corporate office plots, group housing, and residential lands, buyers should prepare for a more expensive property landscape in the near future. While the higher costs may pose challenges for some, the revised rates also promise a more realistic reflection of market conditions, improved revenue generation for the state, and fairer compensation for farmers.

As Yeida continues to adjust its policies to meet evolving economic realities, stakeholders in the real estate market must stay informed and adapt their strategies accordingly. This landmark decision will undoubtedly influence property prices and investment decisions in Greater Noida, setting a new benchmark for the region's real estate sector.

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