Noida International Airport To Boost Land Prices By Up To 40% In 18 Months: YEIDA CEO

Noida International Airport, the flagship mission of the Uttar Pradesh authorities, will enhance the property costs by 30-40 per cent within the subsequent one-and-a-half years. The upcoming airport, which is situated close to Jewar east of the Yamuna Expressway, is anticipated to see its first part open in March 2024.

“Land costs within the space are already excessive and I see an additional development of 30 to 40 % from right here within the subsequent one-and-a-half years,” Arun Vir Singh, CEO of Noida International Airport Ltd and Yamuna Expressway Industrial Development Authority (YEIDA), told Moneycontrol in an interview.

He said the Authority has already increased land rates in the area.

“That’s because we have decided to give more compensation to farmers [for land] for the airport as well as for the industrial area. And since they are the major stakeholders and it is their land on which we are building, we decided to give more money to them. And to compensate for that, we have increased the property rates,” he stated, in line with Moneycontrol.

Apart from land costs, the airport’s proximity to the expressway may also facilitate vacationer journey to Agra, Mathura and Vrindavan.

Last month, the Noida Authority elevated land allotment charges by 30-35 per cent for various classes of plots, as demand shot up within the area on account of the upcoming Noida worldwide airport in addition to different infrastructure tasks. The charges have been hiked for all segments – residential, industrial and industrial.

In the residential class, the land costs have elevated 32.9 per cent to Rs 24,600 per sqm, in contrast with Rs 18,510 per sqm earlier. The charges for group housing schemes have been raised 32.8 per cent to Rs 30,750 per sqm.

In the industrial class, the Noida Authority raised the costs for industrial land plots (flooring space ratio as much as 2) by 29.47 per cent to Rs 49,200 per sqm. For industrial plots with an FAR above 2, the rise is 28.47 per cent. The charges for industrial land plots have been elevated 40 per cent to Rs 13,542 per sqm.

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