The decision of increasing the land allotment rates has been disapproved by the Yamuna Expressway Industrial Development Authority because of the downfall in the real estate sector and credit crunch in sales of property.
Allotment rates are basically set and stable rates which the land is sold for industrial, housing, institutional and commercial projects by the authority.
Parties which wanted to purchase the land for developing industries had asked the authority to lower the allotment rates keeping in mind the effects of demonetization and the downfall in the real estate sector.
The three authorities of Greater Noida, Noida and Yamuna Expressway are not planning to lower the land allotment rates in the board meetings to be held. However, the officials have said that they will freeze the land allotment rates and the proposal to not increase it will be presented in the board meeting to be held.
The Greater Noida Authority will not decrease the land allotment rates in any case as they already very low. Moreover, decreasing the land allotment rates is not an easy task.
The board meeting Of YEIDA is likely to be held on 9th June, 2017.
The CEO of Noida and Greater Noida Authorities has instructed the officials to develop the agenda to be discussed in the board meetings.