Authorities can then allot the surrendered land to other builders at current market rates. Confederation of Real Estate Developers ' Associations of India (CREDAI) has sent a letter to the authority saying this is not the right time to increase land rates. " Several developers have defaulted on their payments for land to the authorities.The dues to YEIDA, for instance, are over Rs 3,000 crore. Haryana is thinking of reducing rates, West Bengal has reduced rates and other states too are considering a rate cut.The Noida Authority too should consider market realities and reduce rates," said Getamber Anand, national president of CREDAI. Manoj Gaur, MD of Noida-based builder Gaursons, said the Noida Authority should reduce price of land by at least 25% rather than increasing it.A senior official at Noida Authority said it has been spending massively on infrastructure projects like the metro, elevated roads and bridges, and had to hike land prices to make up for this.

Source: Economic Times June 10, 2016 21:20 UTC