YEIDA to allow allottees up to five years to pay dues

NOIDA: The Yamuna Expressway Industrial Development Authority (YEIDA) will re-launch its plot
allotment schemes for group housing and institutional projects and hotels and petrol pumps this week,
with allottees set to get 3-5 years to pay total amount in instalments. Earlier, they had to pay 30-40% of
the total amount over two months. Additionally, there will be more flexibility in the eligibility criteria of
the applicants.
The decision to revise the terms and conditions and payment plan came after a poor response to the
schemes over the past few months. According to YEIDA officials, investors stayeaway because the
payment plan came with stringent conditions. The new option of paying the amount in instalments would reduce the financial burden on investors, they said. On the lines of the Noida Authority, YEIDA had implemented the option of paying lump sum amounts
under the e-auction system in almost every category of plot schemes. But, investors did not participate
due to the burden of large payments in a few months. For instance, in the group housing scheme, they had
to make the full and final payment within 180 days from the issue of the allotment letter.
On taking feedback on the schemes, YEIDA realised it had introduced conditions too difficult to fulfil.
Like in the hotel plot scheme, under technical experience, there was a condition of having experience in
building 400-500 rooms for five-star hotels, 300 for four-star and 150 for budget hotels.

“Apart from allowing investors to pay the total amount in five years, the revised hotel plot scheme does
not include the condition of experience in building a certain number of rooms. Likewise, developers will get time to pay the the amount in instalments,” said YEIDA CEO Arun Vir Singh, adding that chairman Narendra Bhooshan has already approved the new changes.
YEIDA is also relaxing the conditions regarding core activities in the mixed-land-use plot schemes.
Besides, it is throwing open the fuel pump scheme for all. Previously, experience in this field was
necessary to apply. Lastly, YEIDA is doing away with the one-time payment option in the residential plot scheme and launching a new one for 2,675 plots.