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Now the dream of owing property in Noida and Greater Noida might end up being just that, a dream. Land rates for residential plots in Greater Noida have almost doubled, while Noida Authority is planning to revise rates.

According to Lalit Srivastava, chairman, Noida and Greater Noida Authority, Greater Noida land rates have been hiked by 50-60 % in view of hike in land compensation. Residential land rates have been hiked from Rs 5900 to Rs 10,500 per sq m.

Lalit Srivastava announced a major rehauling of Noida and Greater Noida for Commonwealth Games 2010. We have decided to spend Rs 9000 crore for development of Noida and Greater Noida this financial year, he says. The board approved Rs 4009 crore for year 2008-09. Keeping in view the Commonwealth Games, several development projects have been planned for the city and Rs 3918 crore would be spent for that.

Land acquisition budget has been hiked from Rs 500 crore last year to Rs 1000 crore. This was necessitated due to hike in land compensation rates which are now Rs 1000 per sq m in Noida for developing villages on a par with developed sectors; rural development fund has also been hiked from Rs 16 crore to Rs 55 crore, said Shishir Singh, OSD, Land Acquisition Department.

For electricity infrastructure such as substations of 220 KV and other capacity, Rs 40 crore has been earmarked in the budget. The land rates hike proposal for Noida has, however, not been approved by the board. It has asked for a revision of the costing.

Rates were proposed to be hiked in view of hike in land compensation. We have approved Rs 300 crore for the land acquisition and Rs 200 crore for development, informs P K Agarwal, deputy chief executive officer, Taj Expressway Authority. As the authority has no funds, Rs 500 crore would be provided by Greater Noida Authority and Rs 1000 crore by the Noida Authority, which would be used for land acquisition and development purposes.

Due to constructions reaching up into the sky and roads widening by the day, property price in both Noida and Greater Nodia are also assuming similar dimensions. The migration trend which started with the IT and Software companies moving to Noida and Greater Noida is now being emulate by people looking for quality life. In all other developed sectors, the hike may go up 50%, sources say. The hike was necessitated to meet capital projects like Metro, bus services and flyover projects. The Noida Authority board meeting is scheduled to be held in May, 2008 to approve the revised rates.