Land compensation rate hiked 12.5% in Noida, Greater Noida
The land compensation rate in Noida will now be Rs 1,240 and Rs 1,080 per square metre compared to the existing rate of Rs 1,100 for inherited and Rs 957 per sq m for non-inherited land, respectively.
By Ayesha Arvind, TNN |
NOIDA: In a bid to reduce tension over land acquisition, the three development authorities of Noida, Greater Noida and Yamuna Expressway on Monday announced a 12.5% increase in the compensation rate that will be awarded for land acquired from villages coming under the three areas.
"The rate will be applicable with effect from April 1, 2011," said Mohinder Singh, chairman of Noida, Greater Noida and Yamuna Expressway Authorities.
The land compensation rate in Noida will now be Rs 1,240 and Rs 1,080 per square metre compared to the existing rate of Rs 1,100 for inherited and Rs 957 per sq m for non-inherited land, respectively. Similarly, compensation for land acquired in Greater Noida will be at the rate of Rs 1,050 per sq m.
The three authorities have also taken a decision to hike the rates of residential, commercial, industrial and institutional properties by 12.5%, owing to the hike in the property cost index. The allotment rate of residential plots in Noida now stands in the range of Rs 17,820 to Rs 47,880 per sq m. Rates for commercial land allotment have been revised and now range between Rs 68,063 and Rs 1.54 lakh per sq m.
Land under the Yamuna Expressway Industrial Development Authority falls in six districts — Gautam Budh Nagar, Aligarh, Bulandshahr, Mathura, Agra and Mahamaya Nagar, and compensation against land acquired in these districts currently is 880 per sq m, Rs 480 per sq m, Rs 990 per sq m, Rs 445 per sq m, Rs 490 per sq m and Rs 445 per sq m, respectively. They all will now be paid the rate of Rs 990 per sq m prevailing in all other districts.
"The compensation offered per square metre to the farmers against their land is the best amongst what is provided by all other states. The new annuity policy of the state government that also provides rehabilitation benefits and an opportunity to start a small business on 3.5% of their 'abadi' land is also a lucrative one," said Singh.
The Uttar Pradesh state government on September 3, 2010 announced a higher compensation package: An annuity payment of Rs 20,000 an acre a year for the next 33 years in addition to compensation and a fixed raise of Rs 600 an acre a year.
"The rate will be applicable with effect from April 1, 2011," said Mohinder Singh, chairman of Noida, Greater Noida and Yamuna Expressway Authorities.
The land compensation rate in Noida will now be Rs 1,240 and Rs 1,080 per square metre compared to the existing rate of Rs 1,100 for inherited and Rs 957 per sq m for non-inherited land, respectively. Similarly, compensation for land acquired in Greater Noida will be at the rate of Rs 1,050 per sq m.
The three authorities have also taken a decision to hike the rates of residential, commercial, industrial and institutional properties by 12.5%, owing to the hike in the property cost index. The allotment rate of residential plots in Noida now stands in the range of Rs 17,820 to Rs 47,880 per sq m. Rates for commercial land allotment have been revised and now range between Rs 68,063 and Rs 1.54 lakh per sq m.
Land under the Yamuna Expressway Industrial Development Authority falls in six districts — Gautam Budh Nagar, Aligarh, Bulandshahr, Mathura, Agra and Mahamaya Nagar, and compensation against land acquired in these districts currently is 880 per sq m, Rs 480 per sq m, Rs 990 per sq m, Rs 445 per sq m, Rs 490 per sq m and Rs 445 per sq m, respectively. They all will now be paid the rate of Rs 990 per sq m prevailing in all other districts.
"The compensation offered per square metre to the farmers against their land is the best amongst what is provided by all other states. The new annuity policy of the state government that also provides rehabilitation benefits and an opportunity to start a small business on 3.5% of their 'abadi' land is also a lucrative one," said Singh.
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The Uttar Pradesh state government on September 3, 2010 announced a higher compensation package: An annuity payment of Rs 20,000 an acre a year for the next 33 years in addition to compensation and a fixed raise of Rs 600 an acre a year.
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