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Monday, June 15, 2009

Land prices in Noida jumps about 200 times in 2 decades

http://www.zeenews.com/news539401.html
New Delhi, June 15: Property prices in Noida, the satellite city of the National Capital, have skyrocketed about 200 times in the last two decades, reveals an RTI reply.

According to the reply, residential plots in all the sectors of Noida, which were available at a price of Rs 175 per metre in 1980, have now spiralled to Rs 39,600 mark per square metre in some sectors of the satellite township.

The highest surge of Rs 39,600 per square meter in the prices of residential lands has come in sectors 14, 14A, 15A, 17 and 44, the reply said.

As per official records, residential lands in other sectors are available in the range of Rs 14,400 per square metre to Rs 27,600 per square metre.

Exercising his Right to Information, an RTI activist, Lokesh Batra, has filed an application to the New Okhla Industrial Development Authority (NOIDA) asking it to furnish information on categories for which the authority is selling or allotting lands and regarding the prices of plots as per the record.

The Authority is selling land under five categories, namely Residential Land, Residential Group Housing, Industrial Land, Commercial Land and Institutional Land.

There is a definite procedure for fixing and revising land allotment rates for various sectors.

"For Industrial and other institutional activities land cost is subsidised. For commercial land, prices are fixed on ad hoc basis keeping in view the market rates," the reply said.

Industrial allotment rates of NOIDA has risen over 350 times to Rs 14,400 per square metre from Rs 40 per square metre since 1976.

Lands in First, Second and Third phase of NOIDA were available at Rs 40 per square metre in 1976, which has now touched Rs 14,400 per square metre for Phase I, Rs 5,550 for Phase II and Rs 5,750 in Phase III, the reply said.

"There is a lot of discrepancy in allotment of lands in Noida. Considering which I decided to inform people about the procedure and government rates under which the lands is being sold and allotted," Batra said.

Bureau Report

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