All You Need To Know About Yeida Residential Plot Scheme 2009

All You Need To Know About Yeida Residential Plot Scheme 2009

All You Need To Know About Yeida Residential Plot Scheme 2009
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Those who applied for plots in the Yamuna Expressway Industrial Development Authority’s (Yeida) Residential Plot Scheme in 2009 were a disappointment lot, considering the authority failed to allot the land parcels in the past nine years. Most of the buyers had already paid over 90 per cent of the land value. While furious buyers kept seeking relief, the Yeida maintained that the delay was because of the farmer protests ─ farmers of about 77 villages had been agitating for a hiked compensation of up to 64.7 per cent.

Some relief 

In what would be a major relief to over 8,500 buyers, the Yeida in 2017 declared a three-year zero period from October-November 2013 to October-November 2016. Zero period is an interest-free period. Allottees, who had not paid their instalments and were still being charged penal interest, would get their penalty waived and the amount would be adjusted in future payments. Those who had continued to pay regularly would also be able to clear their payments up to 2019. The move, however, would cost the Yeida about Rs 650 crore. In July last year, Yeida had also waived interest of such allottees, who had paid 75 per cent of the property cost. They could pay the remaining 25 per cent in one installment without any penalty.

Allotments start

Between last year and the current year, plots have been allotted to thousands. Plots allotted in 2009 by the Yeida would soon be handed over by the authority, starting from October and the process will continue till March 2019, say officials. Altogether there are 15,000 residential plots in this tranche ─ about 7,330 plots in Sector 18 and 8,019 plots in Sector 20. Trend watchers have noted that the price of these residential plots has grown threefold since 2009. The circle rate in 2018 is Rs 15,500 per sq mt while it hadn't crossed the Rs 5,000 per sqmt mark in 2009. These plots vary in size, measuring between 1,292 sqft to 43,000 sqft.

Meanwhile, the authority developed basic infrastructure in these areas.

Action against defaulters

The Yeida is also going after developers, who have been allegedly diverting homebuyers’ funds into other projects, a practice that the real estate law has prohibited. The Yeida has already issued revenue certificates against two developers. These certificates will empower the district administration to make the defaulters pay the dues. The Yeida decided on this course of action ever since the authority received complaints from buyers claiming that the two developers had gone back on their words of delivering the project. Likewise, they also owe the Yeida money to the tune of Rs 680 crore collectively.

Towards a safer route

Meanwhile, the authority has also roped in the Indian Institute of Technology in Delhi (IIT-Delhi) to conduct a safety audit of the 165-km long Yamuna Expressway connecting Greater Noida with Agra. The audit is expected to be completed within the next four months. The effort is towards making the accident-prone stretch safer for motorists and commuters. Between October 2012 and April 2018, at least 540 people lost their lives while the number of accidents was far higher at 4,984 cases. The Yeida has confirmed that it will implement the suggestions put forth by the IIT-Delhi.

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