YEIDA once again implements instalment rules for plots

Noida: YEIDA (Yamuna Expressway Industrial Development Authority) has once again implemented the instalment rule for plots. YEIDA allows buyers to pay the price in instalments. The Yamuna Authority will give a time period of 3 to 5 years to pay for the instalment. This week, the Yamuna Authority will prepare plot plans for mixed land use, fuel stations, group housing, and the hotel industry.

Due to this instalments plan, people will not face any sudden financial burden. Earlier, YEIDA had implemented a one-time payment option along with land allotment through auction schemes for almost every category of land, due to which most of the plot schemes have fallen. The Yamuna Authority was expecting good revenue from these schemes, but the failure of these schemes forced the authority to change its strategy.

After the consent of Chairman Narendra Bhushan, the Yamuna authority has decided to implement the instalment rule for payment. Apart from paying the price in five years in the Hotel Plot scheme, YEIDA has also revoked the condition of the number of rooms in the hotel.

Those with experience in the hotel industry will be able to apply for the scheme. Similarly, 100 per cent land use will be allowed on the plot as a core activity in the mixed land use plan. The area within the sector was shared-out for residential, commercial, and institutional use.

Group housing will have the option to pay in three annual instalments. Apart from this, the fuel pump scheme has opened for all. Right now, field experience is necessary for this scheme. The allottees will have the option of paying the cost within five years. The conditions for application in the institutional category have changed. Allotment in this scheme will be done only through auction.

Dr Arun Vir Singh, CEO of YEIDA, declared that the terms and conditions for payment, have been fixed. This week, they made plot plans for these categories.

The Yamuna authority has planned to withdraw the one-time payment option for the residential plot scheme. They will soon come up with a plan for 2675 plots. In this case, the allottees will have the option to pay the cost in instalments.