Yamuna Expressway: Penal interest waived for allottees who have paid 75% plot cost | noida | Hindustan Times
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Yamuna Expressway: Penal interest waived for allottees who have paid 75% plot cost

The authority decided on the same in its 60th board meeting, during which it also passed its budget

noida Updated: Jun 09, 2017 23:43 IST
Vinod Rajput
A total of 21,000 residential plots were allotted in 2009 by the authority but the allottees have not got possession due to litigation over land acquisition.
A total of 21,000 residential plots were allotted in 2009 by the authority but the allottees have not got possession due to litigation over land acquisition.(Sunil Ghosh/HT Representative Photo)

The Yamuna Expressway Industrial Development Authority (YEIDA), in its 60th board meeting, has decided not to impose any penal interest on plot allottees who have paid 75% of their total plot cost.

The authority had in 2009 allotted 21,000 residential plots in sectors 18 and 20 along Yamuna Expressway. It was supposed to give possession by 2013, but failed to do so as around 600 farmers had filed cases in Allahabad high court challenging the land acquisition. These cases are still pending.

“We have decided not to impose penal interest if the allottee has paid 75% of the total plot cost and defaulted in payment of the remaining 25%. They can deposit the remaining amount by September 30, 2017 without penal interest. If anyone has already paid penal interest, we will adjust the same in payments,” said Prabhat Kumar, chairman, YEIDA.

The authority has also decided not to levy any charge on providing water, electricity, sewer, drainage and telephone connections.

“It will save every allottee anything between Rs70,000 and Rs1.5 lakh because we will not impose these charges now. We have also reduced the interest from 12% to 10.6% because banks have also reduced interest rates,” said Kumar.

Officials said YEIDA will further reduce interest rate when banks do so.

The authority had launched the beleaguered plot scheme in 2009 at a cost of Rs4,750 per square metre (sqm). The plots ranged from 300 sqm to 4,000 sqm in area.

Apart from this, the authority has also decided to allot industrial plots up to 4,000 sqm online to maintain transparency. “We will allot plots up to 4,000 sqm and issue allotment letters online. Larger industrial plots will be allotted on a project basis after presentation about a particular industry,” said Kumar.

YEIDA also decided in the meeting to build a 5.5km road in Jewar and Sirhaul villages to offer the area’s farmers a smooth ride.

“We have also changed the land allotment policy. Earlier, a developer had to deposit only 10% of the total cost at the time of allotment. Now, developers will have to pay 40% of the cost at the time of allotment and the rest will have to be paid in eight years,” said Kumar.