Greater Noida: The Yamuna Expressway Industry Development Authority (YEIDA) has launched two policies that can be disbursed by construction companies on August 31 in an effort to revive jammed projects in the region.
The decision to offer restoration and rescheduling policies was taken during the Yeida Board meeting held on June 28.
Under the rescheduling policy, a builder must pay 5% of the amount of maturity in advance.
After the revised payment schedule is repaired, the developer must issue an additional 5% of the maturity to Yeida.
To restore the canceled plot, the developer must pay 10% of the current soil premium to the authority.
All payments must be made on August 31 and applications that seek the plot restoration will be discussed in the next board meeting, officials said.
Over the years, developers who have taken land from Yeida to build highriss owe almost 4,000 crore rs to authority.
At present, 10 housing projects and group municipal services are in various stages of construction, apart from Jaypee Sports City Project, in the Expressway region.
More than 17,000 buyers have invested in these projects and are waiting to own their homes.
While 12,000 units have been wilped in 10 housing projects, 5,000 units have been offered under the Jaypee Sports City project.
“Developers and construction companies have to pay a certain amount in advance.
We will process the application as soon as we get a minimum and later, we will issue a revised payment schedule for them,” said Chief Executive Yeida Arun VIR Singh.
From August 2012, immediately after the 165km freeway became operational, private developers began launching projects in the Greater Noida and Dankaur regions.
Between June 2010 and March 2015, 31 developers, including Jaypee Group, bought land from Yeida to develop highriss along the highway.
But then, many builders handed over their land or lose them after failing to clean the contribution.
According to officials, restoration policies can also be disbursed by Jaypee Group too.
Three more developers who lost their project for non-payment contributions also qualified.
“But payments must be made on August 31,” Singh said.
At present, Yeida has no estimated number of units that have been sold by the three developers.
President of Uttar Pradesh from the broker’s body, Naredco, RK Arora, said: “Immediately after the Gajraj case order in October 2011 when it was decided that compensation for the 64.7% tone must be paid to farmers, more than 700 owners must part with their land in the region Expressway Yamuna has moved fields and different forums.
Yeida could not submit a plot to the developer for four-five years.
“He added that for several projects, basic facilities such as water supply pipes and waste channels or electrical connections are not provided on time.
“Yeida continues to ask for land premiums, along with the number of interest.
We have approached the government over those who are looking for the benefits of Zero Period for developers so that they are released from paying interest components for the period they cannot have the land given to them,” Arora said.
He said that the introduction of a new policy was a welcome step but each case had to be put into such problems.
Yeida officials said the worries of developers had been forwarded to the state government.
“This is a legacy problem and cannot be decided at our end without direction from the state government.
Our projection and income collection may be affected because of the old problems and we need to keep the government in the loop for such problems,” said a senior Yeida official.
Gwalior Resident Rajendra Singh, who invested in a project in the Yeida area, said: “I have bought a plot in Lotus City through a broker.
The project floated by 3C.
I paid Rs 1.8 lakh as the number of bookings in 2015.
But the broker continues Delaying my site’s visit.
He didn’t even give me a bidding letter.
Industrial Development Authority Yamuna Expressway offers assistance to project traffic jams
