Dealers make hay after allotments are cancelled | india | Hindustan Times
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Dealers make hay after allotments are cancelled

Over 250 residential plot allottees of the Yamuna Expressway Authority have been left in the lurch as the Authority says their allotments were automatically cancelled on non-payment of allotment money and they were refused restoration of allotments. Strangely, property dealers are still contacting allottees to sell them the plots.

india Updated: Jul 19, 2010 01:18 IST
HT Correspondent

Over 250 residential plot allottees of the Yamuna Expressway Authority have been left in the lurch as the Authority says their allotments were automatically cancelled on non-payment of allotment money and they were refused restoration of allotments. Strangely, property dealers are still contacting allottees to sell them the plots.

“I contacted the Chairman-cum-Chief Executive Officer but I was told nothing could be done now,” an allottee said.

“Strangely, I am getting messages from property dealers to sell them the plot at a nominal premium,” said the allottee.

The YEA’s refusal could force allottees to sell out to property dealers, who, they allege, will later get the restoration in connivance with authority staff and balance premium.

Allottees further said that the delay in arranging bank finance was because nationalised banks had refused to provide loans on these allotments, as possession was projected to be given in four years from the date of allotment, while as per bank loan rules, it should not be more than two years.

“YEA had extended the payment period thrice. If allottees could not pay even in the extended period, their allotments automatically got cancelled as per allotment rules. There is no restoration policy for such plots,” Y.K. Bahl, Additional Chief Executive Officer (CEO), YEA told Hindustan Times.

When asked how property dealers buying these plots would get restoration, Bahl said, “As on date, these plots cannot be restored. Though the CEO has restoration power, that too, is on a case-to-case basis and there has to be sound ground, which is lacking in this case. These cancelled plots will be put up in the next scheme for fresh allotments.”