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Bad news for G. Noida plot applicants

india Updated: Oct 13, 2009 23:33 IST
Kapil Datta
Kapil Datta
Hindustan Times
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Applicants have been hit hard by the postponement of the draw for Yamuna Expressway Authority (YEA)’s 300 and 500 square metre plots near Greater Noida.

Most of them had approached banks for the registration amount. Thus they will have to pay interest for a longer period.

The draw was scheduled for August 10, which was extended to Wednesday. Now the date has been further extended to November 17 for these categories. The draw for other categories — 1,000, 2,000 and 4,000 sq m, however, will be held on Wednesday.

YEA deputy chief executive officer R.K. Singh said: “Wednesday’s draw will be for 1,675, for which 2,906 people have applied.”

Four LCD screens will provide live coverage at the draw area, he said, adding: “Schoolchildren will pick up the draw slips from the boxes.”

While the registration amount for 300 sq m plots was Rs 1 lakh, that for 500 sq m plots was Rs 2 lakh.

Candidates who financed the amount and paid Rs 4,000 –7,000 as interest will have to shell out an extra Rs 3,000-6,000.

“Though the increase in the number of plots has increased my chance of getting one by two-and-half times, I have to pay additional interest of Rs 6000 to the bank for the delay in the draw,” said R. Mehta, who has applied for a 500 sq m plot.

“I deposited Rs 2,250 as interest for the two-month delay. Now the bank will demand interest of around Rs1,125 for the one month delay,” said S. Joseph, a 300 sq m applicant.

YEA had floated the scheme this March 2 and with 8350 plots. The plots were priced at Rs .4,750 per sq m.

After over 46,000 people applied, the YEA raised the number of plots to 33,950 that was later reduced to 21,000 as land hadn’t been acquired.

“As the number of applicants for these two categories was very high, a computerised draw was planned. The company selected for the draw wanted one month to develop the software. So the draw has been postponed,” Singh said.