Plot-buyers, villages big gainers in 60th board meeting of Yamuna Expressway Industrial Development Authority conducted
Ashish Kedia
Jitender Pal
60th board meeting of Yamuna Expressway Industrial Development Authority was conducted today. The meeting was chaired by Greater Noida Authority Chairman Dr. Prabaht Kumar and was attended by all senior officials of YEIDA including CEO Arun Veer Singh.
Budget Increased, major focus on land acquisition
In this board meeting authority has cleared a budget of 4,156.13 Crore rupees. For land acquisition alone the budget has been raised from INR 205 crore (2016-17) to INR 1,190.02 crore.
For development of rural areas the budget has been raised from INR 10.76 crore to INR 61.02 crore rupees.
Profit target also enhanced
Yamuna Expressway Authority has not only increased its expenditure budget but all has set higher goals for collection of profits. For the year 2017-18 the profit collection goal is set for INR 4,175.88 crore. In comparison to 611.02 crore received from allottees in last year, the target for this year has been fixed on 1,966.06 crore. Similarly for new allottees collection target is of 1134.84 crore rupees.
No increase in land rates, new payment model for fresh allotments
In this budget authority has made no increase in the land rates although the provision has been kept for CEO to do so if required. However for any and all future group housing and Industrial schemes the reserved price will be 10%, allotment rate will be 30% and rest 60% will be allowed to be deposited in 16 biannual installments over a period of eight years. If the installments are not paid on time 03% penalty interest will also be levied.
RWA’s to be setup in villages
Yamuna Expressway Authority has decided to set-up RWA’s in villages to assist in monitoring of development works. Authority plans to diminish the line between rural and urban regions of its territory and aspired to support similar development projects in villages as well.
Interest rate lowered for buyers, additional charges during lease deed waived, exit-scheme offered:
Authority has decided to decrease the interest rate being charged from buyers to 10.65% from existing 12 %. Also the allottees who have paid 75% money and have defaulted in their payments after that can deposit the lagging instalments in wholesome without any penal interest till 30the September
Also what could be termed as the best news for buyers, authority has decided to completely waive off the charges that are required to be paid during lease deed such as water charge, sewer charge, ramp charge, electric pipe charge etc.
Authority has also offered an exit scheme to interested buyers of 2009(01) scheme. They can now surrender their plots by 30th September to authority and can collect their deposited amount (excluding Penal interest) with 6% yearly interest.
Ease of doing business:
For ease of doing business and to boost development of more industrial units the Yamuna Expressway authority has made the allotment process more transparent and applicant friendly. The interview and lottery process has been completely removed for industrial segment. For plot size up-to 4000 square meter the applications can be made online on first come first serve basis. The industrial building maps for the same will be passed with-in 15 days or the objection if/any will be conveyed with-in same period. For area greater than that the time period will be 30 days.
E-tendering has also been introduced for all authority related tenders having value exceeding one lakh rupees.
