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HomePoliticsGreater Noida authority hikes minimum farm land purchase price after six years

Greater Noida authority hikes minimum farm land purchase price after six years

Noida, Apr 5 (PTI) The Greater Noida Industrial Development Authority (GNIDA) on Tuesday said it has increased the minimum rate for buying farm land from Rs 3,500 per square metre to Rs 3,750 per sq metre with effect from April 1.

The decision, announced after the 126th board meeting of GNIDA held in Greater Noida on Tuesday, would benefit thousands of land owners in the villages falling under its notified area, 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 Rs 250 per square metre from Rs 3,500 per square metre to Rs 3,750 per square metre,” it added.

The purchase price for buying land directly from farmers in villages under the GNIDA was fixed at Rs 3,500 per square metre in 2016.

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 for setting 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. PTI KIS RAM

This report is auto-generated from PTI news service. ThePrint holds no responsibility for its content.


Source: The Print

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