Yeida to acquire 3,340 acres land for development in Noida
In addition, Yeida has decided to issue a one-time settlement scheme for at least 9,812 defaulter property allottees
The Yamuna Expressway industrial development authority (Yeida) decided on Monday to acquire 3,340 acres of land for planned development and to give defaulting allottees more time to pay financial dues without penal interest. It approved a proposal on these two critical issues and other projects at its 77th board meeting, which was held in Greater Noida’s sector Omega 1 administrative office.
“We have decided to acquire 3,340 acres of land in the next one to two years for planned development in areas where we have earmarked land for different industrial, infrastructure and other projects. We will begin acquiring this land through direct purchases from the farmers once the Uttar Pradesh government finalises the rates for the same, as we have sought state government approval for rates that align with the farmers’ demands in the region. The board has also decided to implement a one-time settlement scheme for defaulter allottees for the fourth time to benefit allottees and collect revenue,” said Arun Vir Singh, chief executive officer of Yeida.
Currently, Yeida offers a rate of ₹3,100 per square metre, as well as 7% of total acquired land for farmers’ residential use. However, farmers are dissatisfied with this rate. As a result, Yeida has requested the final rates from the state government to appease farmers and secure the land for the planned development.
“Once the rates are finalised, we will seek farmer support and start buying the land needed for our projects,” said Singh.
According to the board, Yeida has decided to purchase 820 acres of land in sector 9, 800 acres in sector 11 and 1,720 acres in Tappal-Bajna, where Yeida plans to build an urban centre along the Yamuna Expressway.
With work on the Noida airport at Jewar proceeding on track, the land mafia has been busy developing illegal housing, commercial or other projects interfering with planned development, said officials with knowledge of the matter. According to officials, Yeida wants to acquire the land as soon as possible so that its planned schemes are not disturbed.
In addition, Yeida has decided to issue a one-time settlement scheme for at least 9,812 defaulter property allottees, who collectively owe ₹4,439 crore on their respective properties. These properties include plots, flats and shops, among others.
“Under the one-time settlement scheme, we will waive the penal interest and collect the principal amount from allottees. The board has decided to run the scheme for the fourth time because many allottees have yet to pay their financial dues,” said Singh.
Yeida will offer the one-time settlement beginning August 1, 2023 for a limited time, said officials.
“If an allottee has financial dues of less than ₹50 lakh, they must clear the dues within 60 days, failing which they will have to pay penal interest, too. If dues are more than ₹50 lakh, then the allottee must clear dues within 90 days,” said Singh.