Yamuna Expressway Authority Increased Property Rates: Buy a Home in Greater Noida Now

May 31, 2023

When it comes to buying a home in NCR, Greater Noida has long been the preferred choice among homeowners. Why? Because of its low property prices, better infrastructure, world-class educational system, and serene environment. However, those eyeing up a home in the area now will most likely have to pay more money for it than they would have to a few months back. The good news, the price is still a lot less than the price in Delhi or Noida. So, Greater Noida is still a viable option to buy a home and start a family.

Why you will have to pay more for a property in Greater Noida

From April 2023, the cost of purchasing land near the proposed Noida International Airport has increased. The Yamuna Expressway Authority implemented a 30 to 40 percent increase in land allotment rates for the fiscal year 2023-24. The surge came against the backdrop of higher development costs and increased compensation for farmers.

The Yamuna Expressway Industrial Development Authority (YEIDA) recently announced a surge in land allotment rates across categories of plots from the next fiscal year. The primary reason for this surge is high demand for land in the region adjacent to the upcoming Jewar Airport or Noida International Greenfield Airport in Jewar and various other infrastructure projects such as Purvanchal Royal City Phase II.

This land price hike affects various categories of land, including group housing and residential plots, whose prices are set to increase by almost 33 percent. Industrial, institutional, IT/ITES, and commercial lands will also see a price hike, estimated at 30-40 percent. In addition, properties in the Medical Device Park, a project being developed on 350 acres of land, will witness a five percent rise in allotment rates.

Why are the prices getting increased by the Yamuna Expressway Authority?

The reason for the price hike for lands and properties near the Jewar Airport is that there has been a rise in farmer compensation rates for land acquisition. Another reason is considered the development of a number of projects that YEIDA is planning to execute. These upcoming projects are estimated to cost twice the amount allocated for land acquisition in the current fiscal year. As a result, the authority has approved a budget of Rs 5,624 crore for 2023-24, which includes a 23 percent increase from the budget for the previous fiscal year.

Is it the right time to buy a property in Greater Noida?

If you are looking for a property or home in Greater Noida, it's high time that you act quickly and seize the opportunity to pay less money. Failing to do so may make you pay 30 to 40 percent more money than you would have to pay should you invest today.

If you are looking for a more than perfect project to invest in, Purvanchal Royal City Phase II is your best bet. Located near Jewar Airport, it is a recently developed residential community that speaks of high-end amenities, world-class services, and quick delivery. For more info, feel free to check the website here.