Land acquired from farmers is sold at no-profit-no-loss: Greater Noida Authorityu

GREATER NOIDA: In the wake of controversy over land acquisition for the Yamuna Expressway, the Greater Noida Industrial Development Authority today clarified that the land acquired from farmers for development is sold at no-profit-no-loss basis.

"Cost of land per square meter calculates to Rs 11,000 (per square meter) for the Authority," Chief Executive Officer Rama Raman told reporters here, adding that the land is purchased as well as sold at the same rate.

Giving the break-up to explain how the amount settles at Rs 11,000 per square meter, he said, "Rs 850 per square meter is land compensation cost. For internal development, expenditure is Rs 1,500 per square meter. It includes internal sector roads, electric poles and transformers and other infrastructure. External cost is Rs 850 per square meter which includes construction of wide roads, Expressways, for better connectivity."

Raman said the third expense is special development such construction of hospitals, schools, fire stations and other infrastructure needed. "Its expenditure calculates to Rs 1,600 per square meter," he said.

"Beside these there are other expenses. Total cost per square meter calculates to Rs 5,500. Only 50 percent land is available for sale as rest goes in development of roads and parks. The actual expenditure per square meter land to authority calculates to Rs 10,500 to Rs 11,000 per square meter," he said.

Raman said the price is fixed at Rs 10,000 to 11,000 per square meter for residential plots while industrial and institutional land is sold at subsidised rates of Rs 3,500 to Rs 5,000 per square meter.

The loss from these allotments is recovered from sale of commercial allotments, he added.