YEIDA LIKELY TO INCREASE LAND ALLOTMENT RATES IN URBAN AREAS

The Yamuna Expressway Industrial Development Authority (Yeida) has plans to hike land allotment rates in urban areas, said sources on Friday.

The proposal to hike the rates will be discussed and approved in a board meeting to be conducted by Yeida on April 26. The meeting will be chaired by Uttar Pradesh additional chief secretary (ACS) Arvind Kumar, who is also the chairman of the board. Sources said that there is a possibility that land allotment rates will be hiked for residential, industrial, institutional and commercial properties.

“Our board meeting, which is slated on Tuesday (April 26) will decide about the hike proposals after discussions by senior officials,” said Arun Vir Singh, Yeida chief executive officer (CEO). The Yeida is also likely to allocate funds for the development of a film city in Sector 21, a medical device park in Sector 29 as well as a logistic park, among other projects.

“The Yeida is likely to approve its annual budget in the upcoming board meeting. It will allocate specific funds for projects that have been proposed in the region. The important proposals to be discussed at the board meeting will be related with the annual budget and the land allotment rate hike. However, the board will decide about the hike percentage after detailed discussions,” said another Yeida official, requesting anonymity.

On June 28, 2021, Yeida had hiked land allotment rates up to 5%, citing inflation.

“The inflation rate was 4.5% in 2021 and the board approves up to 5% increase in land allotment rates. The increase was nominal in view of the Covid 19 pandemic and it was uniform for all types of properties such as residential, industrial, institutional and group-housing projects,” added the Yeida official.