The Yamuna Expressway Industrial Development Authority (YEIDA) on Wednesday allotted 1,850 residential plots to buyers through a lottery system.
The authority had launched the scheme in January, targeting middle-class buyers. However, only 4,000 applicants had applied for these plots.
Two retired district judges — PC Agarwal and VK Gupta — and a former Indian administrative service officer, TN Singh, oversaw the lottery that was organised at a community hall in Greater Noida’s P-3 Sector. Many buyers and officials were also present at the event.
“We will give allotment letters to successful applicants in the next 10 days. The authority will give possession of the plots in the next two years. We have already started development of necessary infrastructure for a residential area in the area,” Arun Vir Singh, chief executive officer of YEIDA, said.
YEIDA has reserved about 56 hectares for these plots in Sector 17. The 56 hectares is located in Ghanori village, which is at the border of Greater Noida and YEIDA area. A 130-metre wide arterial road connecting Noida, Greater Noida, Delhi and Ghaziabad runs along this land.The plots are in three sizes — 120 sqm, 162 sqm and 200 sqm — offered at a cost of `15,620 per sqm.
“Our priority is to complete setting up basic facilities, including drainage, sewage pipelines and water pipeline network. We have completed 20% of the work so far,” Singh said.
YEIDA has fixed the floor area ratio for residential area at 1.8 and the ground coverage will be 75%. Floor area ratio indicates the size of the building, relative to the area of the plot while the ground coverage indicates the area occupied by the building against the total plot area.
The draw of lots was supposed to take place on April 27 but it was postponed to May 18 as officials of the authority were busy in another assignment.
Meanwhile, YEIDA is yet to offer possession of 20,000 residential plots allotted in a scheme in 2009. The authority failed to offer possession as the land acquisition for the scheme was challenged by farmers in the Allahabad high court.
“We invested in this residential plot scheme only after we checked that the authority had possession of this land,” Mahendra Kumar, an allottee, said.
“We already have possession of the 56 hectares and development of civic facilities is underway. Allottees will not at all suffer any delay,” Singh said.