Greater Noida: Planning to purchase a property in Greater Noida or Yamuna expressway, get ready to shell out more money from your pockets! In a bid to increase the compensation amount of the farmers, Greater Noida (GreNo) Authority in its 178th meeting decided to hike the property rates by 12.5 percent in comparison to 10 percent hike witnessed last year.

On Monday, Authority’s crucial steps came in wake of the farmers’ agitation and land acquisition row at Bhatta-Parsaul and Noida extension. The authority has hiked the rates of all properties by 12.5 percent, which will be implemented on properties purchased after April 1, 2011.

According to sources the residential rates in Greater Noida will now increase from Rs 11,550 to Rs 12,993 per square meter. On similar lines, the rates for Yamuna expressway will also be augmented from Rs 5,650 to Rs 6,356 per square meter.

Giving reasons for the hike, PC Gupta, District Coordination Officer (DCO) of Greater Noida and Yamuna authority, said that the decision of hike was taken due to the annual rates, which increase every year in accordance with the inflation.

“After the assessment of sky-rocketing inflation rates at the end of this fiscal year, a consensus was developed over the hike of rates by 12.5 percent. In comparison to last year the need to increase the rates by 2.5 percent was also felt, thus considered”, the DCO said.