Yeida brings new payment plan for property buyers

Instead of paying the property cost upfront, the authority has allowed payment in parts so that needy buyers may also benefit, said officials.

The Yamuna Expressway Industrial Development Authority (Yeida) has decided to change the payment option to benefit the middle-class property buyers. Instead of paying the property cost upfront, the authority has allowed payment in parts so that needy buyers may also benefit, said officials.

The Yamuna Expressway industrial development authority is set to launch schemes for group housing plots in sector 22D, 22A and 25, among others, this year. (FILE)

Since the past two years, Yeida had insisted that all property buyers, be it realtors, individual buyers or industrialists, must pay the total cost within 90 days of allotment. But now, Yeida has decided to allow buyers pay the property cost in instalments within a maximum of five years of allotment.

“We have decided that we will accept payments in easy instalments for all kinds of properties. We have ended the old option of collecting payment upfront because middle-class buyers were finding it difficult to pay the entire cost within three months of allotment. The move will benefit end users,” said Arun Vir Singh, chief executive officer, Yeida.

Also, Yeida officials realised that only property consultants or investors were able to pay the entire cost in 90 days.

“The end-user wants easy payment plans and our aim is that the end-user buy plots and build houses or whatever they want to build in the Yamuna region,” said Singh.

The authority is set to launch schemes for group housing plots in sector 22D, 22A and 25, among others, this year. Apart from that, Yeida is also working to launch individual plots scheme, a scheme for industries, petrol pumps, milk booths, vending zones and commercial projects near the greenfield airport in Jewar.

“In all of these new schemes, we will allow payments in instalments so that buyers do not face fund issues in buying property in our area,” said Singh.

Property buyers have welcomed the change.

“This was a much-needed step because the end-user cannot pay the whole cost in 90 days. The old plan only benefitted those who are buying the property to sell it again and earn a profit,” said Pradip Singh, a property buyer.