Earlier farmland would be available for ₹3,500 per square metre and residential land would cost ₹5,000 per square metre in greater Noida.
The decision, announced after the 126th board meeting of GNIDA held in Greater Noida on Tuesday, is set to benefit thousands of landowners in the villages falling under its notified area.
The prices of industrial and commercial land have also been hiked but the new rates would be notified soon, it said.
There are nearly 300 villages that fall in the notified area of GNIDA, which was formed in 1991 and functions under the Uttar Pradesh infrastructure and industries department.
“In the board meeting chaired by GNIDA chairman and UP Industrial Development Commissioner Sanjeev Mittal, a proposal was made by GNIDA CEO Narendra Bhooshan to increase the purchase price for buying land directly from the farmers,” an official statement said.
“The board accepted it and increased the purchase price by ₹250 per square metre from ₹3,500 per square metre to ₹3,750 per square metre,” it added.
The purchase price for buying land directly from farmers in villages under the GNIDA was fixed at ₹3,500 per square metre in 2016.
For residential sectors have been divided into four separate categories – A, B, C and D. The new rates per sq metre of land will be ₹39,000 for category A, ₹36,000 for category B, ₹34,000 for category C and ₹29,000 for category D, the GNIDA said.
The old rates per sq metre were ₹33,300 for category A, ₹31,250 for category B, ₹27,088 for category C and ₹24,060 for category D, it added.
Sectors Alpha 1, 2, Beta 1, 2, Gamma 1, 2, Delta 1, 2, 3 and Swarn Nagri fall in category A.
Sectors CHI 2, CHI 3,CHI 4, CHI 5, CHI-PHI EXT. P 1, P 2, P 3, P 4, P 5, P 6, P 7, P 8, PI 1, PI 2, PHI 1, PHI 2, PHI 3, PHI 4, PHI-CHI, Sector-36 and Sector-37, Sector 2, 3 are in category B.
Category C includes sectors Eta 1, Omicorn 1, 1A, 2 and 3, XU 1, 2 and 3, Zeta 1 and 2, MU 1 and 2, Sigma 1, 2, 3 and 4; while category D includes Sectors 1, 11, 12, 16, 4, 16C, 17, 20 and Sector-Tech zone, the GNIDA said.
Bhooshan said the interest of investors for industrial investments in Greater Noida is increasing rapidly with companies from not only within the country but also from overseas asking for land to set up industries.
“The GNIDA is trying to develop industrial sectors by buying land from farmers, so that industrial investment can increase further and employment opportunities can be created for the youth. From April 1, 2022, it has been decided to buy land from farmers at the new rate,” he added.
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