Yamuna expressway authority cuts interest rates on land allotment
The Yamuna Expressway industrial development authority (YEIDA) reduced the interest on instalments it receives from allottees by 1.35%. The cut in interest rate is likely to be effective from the first week of June 2017, after it is approved in the authority’s board meeting.
On Friday, Dr Prabhat Kumar, the commissioner of Meerut division held a detailed meeting with YEIDA CEO Arun Vir Singh and other officials.
“We have decided to charge only 10.65% interest, instead of 12%, on the due to be cleared by an allottee. We are planning to cut the interest rate by another 1.15% very soon. As banks have reduced interest rates, we want to pass on the benefit to our allottees,” said Dr Prabhat Kumar, chairman of YEIDA and Greater Noida authority.
“We will organise board meeting for the Yamuna Expressway area in the first week of June. We will approve the proposal of the rate cut on interest in that board meeting so that we can officially implement the decision taken to benefit the allottees. Once approved at the board meeting, we will put the new rates into effect. We are yet to decide the final date for the board meeting,” said Kumar.
Kumar has directed officials to take steps to ensure that allottees or homebuyers who have invested in areas along Yamuna Expressway do not face any hassles.
Besides reducing the interest rates, Dr Prabhat Kumar also released a schedule for possession of 10,500 plots and another 5,100 flats that were allotted in 2009.
For the last seven years, allottees have been suffering because of delayed possession. The authority could not give possession to allottees because farmers had approached the Allahabad high court over refusing to part with their agricultural land.
However, the authority has resolved a majority of the cases and settled farmers’ issues related with hiked land compensation, so that it can give possession to plot allottees.
“I have directed officials to expedite the process of giving possession of plots and flats to allottees,” said Kumar.