YEIDA launches new policies to revive stalled projects in UP
Real Estate

YEIDA launches new policies to revive stalled projects in UP

In an attempt to revive stalled projects in the region, the Yamuna Expressway Industrial Development Authority (YEIDA) has released two policies that construction companies can use until August 31.

On June 28, the YEIDA board of directors made the decision to offer restoration and reschedulement policies.

A builder will be required to pay 5% of the due amount in advance under the reschedulement policy and an additional 5% of the due amount to YEIDA once a revised repayment schedule has been established.

The developer must pay the authority 10% of the current land premium in order to restore a cancelled plot.

Officials have asserted that all payments must be made by August 31 and that applications for plot restoration will be discussed at the next board meeting.

So far, developers who have taken land from YEIDA to build highrises owe the authority nearly Rs 4,000 crore.

Aside from the Jaypee Sports City project, 10 group housing and township projects are currently under construction in the expressway region.

Over 17,000 people have put money into these projects and are eager to move in.

While 12,000 units have been offered in the ten housing projects, 5,000 units have been offered in the Jaypee Sports City project.

Private developers began launching projects in Greater Noida and Dankaur areas in August 2012, shortly after the 165 km long expressway became operational.

Between June 2010 and March 2015, YEIDA sold land to 31 developers, including Jaypee Group, for the development of highrises along the highway. However, many builders later surrendered or lost their land due to unpaid dues.

Officials claim that Jaypee Group can also take advantage of the restoration policy. Three more developers are also eligible if they lost their project due to non-payment of dues.

RK Arora, the president of National Real Estate Development Council(Naredco) Uttar Pradesh explained that shortly after the Gajraj case verdict in October 2011, in which it was decided that farmers should be compensated to 64.7%, more than 700 landowners in the Yamuna Expressway region filed lawsuits in various courts and forums.

YEIDA, on the other hand, was unable to hand over plots to developers for four to five years.

He also stated that basic amenities such as water supply pipelines, sewerage, and electricity connections were not provided on time for some projects.

YEIDA, according to Arora, demanded the land premium as well as the interest amount on a regular basis.

He added that they approached the UP government to obtain a zero-period benefit for developers, which would exempt them from paying the interest component for the time they were unable to obtain possession of the land awarded to them.

Image Source


Also read: Gramin Sadak Yojana: West Bengal to redevelop 10 year old roads

In an attempt to revive stalled projects in the region, the Yamuna Expressway Industrial Development Authority (YEIDA) has released two policies that construction companies can use until August 31. On June 28, the YEIDA board of directors made the decision to offer restoration and reschedulement policies. A builder will be required to pay 5% of the due amount in advance under the reschedulement policy and an additional 5% of the due amount to YEIDA once a revised repayment schedule has been established. The developer must pay the authority 10% of the current land premium in order to restore a cancelled plot. Officials have asserted that all payments must be made by August 31 and that applications for plot restoration will be discussed at the next board meeting. So far, developers who have taken land from YEIDA to build highrises owe the authority nearly Rs 4,000 crore. Aside from the Jaypee Sports City project, 10 group housing and township projects are currently under construction in the expressway region. Over 17,000 people have put money into these projects and are eager to move in. While 12,000 units have been offered in the ten housing projects, 5,000 units have been offered in the Jaypee Sports City project. Private developers began launching projects in Greater Noida and Dankaur areas in August 2012, shortly after the 165 km long expressway became operational. Between June 2010 and March 2015, YEIDA sold land to 31 developers, including Jaypee Group, for the development of highrises along the highway. However, many builders later surrendered or lost their land due to unpaid dues. Officials claim that Jaypee Group can also take advantage of the restoration policy. Three more developers are also eligible if they lost their project due to non-payment of dues. RK Arora, the president of National Real Estate Development Council(Naredco) Uttar Pradesh explained that shortly after the Gajraj case verdict in October 2011, in which it was decided that farmers should be compensated to 64.7%, more than 700 landowners in the Yamuna Expressway region filed lawsuits in various courts and forums. YEIDA, on the other hand, was unable to hand over plots to developers for four to five years. He also stated that basic amenities such as water supply pipelines, sewerage, and electricity connections were not provided on time for some projects. YEIDA, according to Arora, demanded the land premium as well as the interest amount on a regular basis. He added that they approached the UP government to obtain a zero-period benefit for developers, which would exempt them from paying the interest component for the time they were unable to obtain possession of the land awarded to them. Image Source Also read: Gramin Sadak Yojana: West Bengal to redevelop 10 year old roads

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