After the Adani Group's MoU, the cost of land in New Noida increased by 800% and will be connected to Noida International Airport
The Adani Group had previously declared its intention to invest Rs 500 crore.The group and the Noida Authority signed an MoU last month. The cost of land for the proposed New Noida has skyrocketed since the announcement. Prices in the villages where land acquisition costs ranged from Rs 8 to 10 lakh per bigha have increased by eight times.
The farmers in New Noida, close to the GT Road, are unwilling to sell their lands for more than Rs 80 lakh per bigha. Several little warehouses are being constructed for New Noida in Anandpur, Nai Basti, Phoolpur, Beel Akbarpur, Luharli, Khurshedpur, and Kot until GT road. These lands have attracted the interest of numerous investors looking to use them for logistics and warehousing.
The land prices in and around these areas have been steadily increasing since work on the Noida International Airport began.
Tricity estimates that Rs 8,500 crore will be used to develop Phase 1 of New Noida. Road and transportation arrangements are part of this. Additionally connected are New Noida and Noida International Airport. New Noida will also be connected to the Western Peripheral Expressway and the Eastern Peripheral Expressway.
New Noida will be made up of 84 villages from Gautam Buddha Nagar and Bulandshahr. The next eight years will be used to develop New Noida.