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The Yamuna Expressway Authority (YEIDA) is reviving its group housing scheme, targeting a minimum revenue of INR 450 crore through the sale of six plots near Noida Airport. Last allotted in 2014, these plots in sector 22D along the Yamuna Expressway will be auctioned electronically on June 10, 2024, with registration closing on May 20, 2024.
YEIDA's previous tender failed to attract buyers, prompting this reintroduction. The authority anticipates a positive response this time around, aiming to address the lack of bidder interest experienced in September 2023.
YEIDA's group housing scheme encompasses five pivotal aspects. Firstly, it features six plots, five spanning 20,000 sqm each and one larger at 40,000 sqm, tailored to diverse housing requirements. These plots are located in sector 22D along the Yamuna Expressway, offering proximity to significant developments such as the proposed film city, Noida International Airport, Buddha International Circuit, and Medical Device Park. Enhanced by direct connectivity to the Eastern Peripheral Expressway, the location is highly desirable.
Secondly, the pricing structure ranges from INR 61.5 crore to INR 135.3 crore, with bidding rates set between INR 30,750 per sqm and INR 33,825 per sqm. The registration fee, constituting 10 percent of the plot cost, varies between INR 6.15 crore to INR 13.53 crore based on plot size and category.
Thirdly, the allotment process mandates the submission of applications and EMD by May 20, 2024, along with requisite documents by May 21, 2024, culminating in an e-auction scheduled for June 10, 2024.
Fourthly, YEIDA offers a flexible payment plan to alleviate financial strain on developers. Successful bidders are obliged to deposit 10 percent EMD upon application, followed by 40 percent of the total plot cost within 60 days of allotment, and the remaining 60 percent in ten half-yearly installments over five years.
YEIDA's relaunch of the group housing scheme underscores its commitment to leveraging real estate opportunities and driving revenue growth. The authority's strategic approach aims to attract investors and foster development in key sectors, aligning with broader regional development objectives.
In conclusion, YEIDA's proactive measures seek to capitalise on the expanding real estate market while addressing past challenges. By offering competitive pricing, strategic location, and flexible payment options, the authority aims to rejuvenate interest and spur investment in the group housing sector, contributing to overall economic growth and infrastructure development in the region.
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