Plots along Yamuna Expressway to Get Costlier

Plots along the Yamuna Expressway are set to get dearer as the Yamuna Expressway Industrial Development Authority (YEIDA) has agreed to offer farmers who own the land currently on a par with rates being offered to villagers in Jewar. The authority has sought permission from the UP government to increase the purchasing rates by Rs 473 per sqmt, which will eventually push up the cost of plots that would be offered for setting up industry and other commercial establishments. So far, YEIDA had been purchasing land parcels at the rate of Rs 1,827 per sqmt from farmers. Since the rates have not been revised for four years, the farmers have now launched agitations demanding higher prices. YEIDA has specifically mentioned bringing the purchasing rate on a par with what has been offered to families in the six villages where land has been acquired for the Jewar international airport. The farmers owning land off the expressway had demanded Rs 2,300 per sqmt, the amount offered in Jewar. YEIDA has now agreed to the demand. Besides increasing the purchasing cost, YEIDA will also bear stamp duty charges while executing the land transfer deed. The farmers were upset with the price they were getting so far. The mismatch in price had caused a lot of resentment among them. They are now satisfied with the decision. As the purchasing rates will go up by 26%, YEIDA is also expected to increase the minimum reserve price at which plots are being offered to investors. Singh, however, clarified that the schemes that have already been launched will be offered at the same price and the new allotment rates would be applicable from next year. MSME, handicraft, apparel and toy parks are some of the schemes that have been launched this year and have aroused interest among entrepreneurs, industrialists and investors from across the country. The allottees were offered land at the rate of Rs 6,670 per sqmt all this while. There are 96 villages that are notified under YEIDA, of whom land has been acquired partially in 29. The authority has committed to give possession to the allottees looking to open units along the expressway by the end of 2021. But before that, it will need to initiate the acquisition process in the remaining 67 villages. Besides increasing the purchasing cost, YEIDA will also bear an additional burden of Rs 160-180 per sqmt towards stamp duty charges. Apart from money, the farmers will also be given an option to get 7% of the developed land in return of the acquired plots if they agree to the rate of Rs 2,000 per sqmt instead of Rs 2,300, officials said.