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In a recent board meeting held on September 13, the Yamuna Expressway Industrial Development Authority (YEIDA) made significant decisions aimed at shaping the future development of the region along the Yamuna Expressway. These decisions encompass a range of areas, from industrial plot allotment to housing schemes and urban planning.
One of the noteworthy developments is the discontinuation of the e-auction process for industrial plots. Instead, YEIDA will now allocate industrial plots based on interviews and evaluations of a company's profile. Smaller plots, measuring up to 4,000 square meters, will be assigned through a draw of lots or lottery system, while larger plots will be allotted based on the company's profile. This shift comes in response to directives from the Uttar Pradesh government, with the aim of streamlining the process and making it easier for new ventures to acquire industrial land.
Furthermore, YEIDA has introduced an One-Time Settlement (OTS) policy for realtors. Under this policy, developers can settle their dues related to various schemes, including group housing, institutional, industrial, and mix-land use. Notably, the Authority has chosen to waive penal interest on land dues premium, providing relief to developers. The OTS scheme is set to commence on October 1, 2023, and will be valid for one month. Developers with dues up to Rs 50 lakh will have four months to clear their payments, while those with higher dues will be granted a seven-month window.
In a move to boost the real estate sector, YEIDA has revised the payment plan for group housing schemes. Builders will now have the option to pay the land cost for group housing plots over a period of five years, a significant change from the previous requirement of full payment within 90 days of receiving the allotment letter. This adjustment was made in response to a lacklustre response to previously launched group housing plot schemes.
The board's decisions also extend to urban planning with the approval of the draft Master Plan 2041. This master plan will play a pivotal role in guiding the development of the region along the Yamuna Expressway. Notably, it places a special emphasis on industrial and commercial regions, particularly in the vicinity of the upcoming Noida International Airport. The plan also encompasses 55 villages in Bulandshahar district and envisions the connectivity of the Chola railway station's notified area to the Jewar Airport through a comprehensive road and rail network. Master Plan 2041 is expected to foster industrial, commercial, and residential growth in the region.
Additionally, the Vrindavan-Raya Heritage City project is set for expansion, with the planned development area increased from the initial 760 acres to 1,500 acres along the Yamuna in Mathura. This expansion also includes the development of a riverfront along the Yamuna near Mathura, further enhancing the appeal and scope of the Heritage City project.
YEIDA, as the nodal agency responsible for implementing Yamuna Expressway projects and allied developments, plays a crucial role in shaping the economic and urban landscape of the region. These recent decisions reflect a strategic shift towards simplifying processes, promoting growth, and enhancing the overall development potential of the Yamuna Expressway region.
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