YEIDA to allow allottees up to five years to pay dues

The Yamuna Expressway Industrial Development Authority (YEIDA) has decided to re-launch its plot allotment schemes for group housing, institutional projects, hotels, and petrol pumps this week. The move comes after a poor response to the schemes over the past few months, as investors stayed away due to the stringent conditions that came with the payment plan. Previously, investors had to pay 30-40% of the total amount over two months, which was a significant financial burden for them.

The revised scheme will allow allottees to pay the total amount in instalments, reducing the financial burden on investors. They will now get 3-5 years to pay the total amount in instalments, which will make it easier for them to manage their finances. Additionally, there will be more flexibility in the eligibility criteria of the applicants, which will allow more people to participate in the scheme.

The new payment plan is expected to attract more investors to the scheme, and YEIDA officials are confident that it will lead to more successful allotments. According to YEIDA CEO Arun Vir Singh, the chairman Narendra Bhooshan has already approved the new changes, and they are expected to be implemented soon.

One of the main reasons for the poor response to the scheme was the strict conditions that came with the payment plan. For instance, in the group housing scheme, investors had to make the full and final payment within 180 days from the issue of the allotment letter. Similarly, in the hotel plot scheme, investors had to have experience in building a certain number of rooms, which made it difficult for many people to participate.

However, 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 amount in instalments. YEIDA is also relaxing the conditions regarding core activities in the mixed-land-use plot schemes, which will make it easier for more people to participate.

In addition to these changes, YEIDA is also throwing open the fuel pump scheme for all. Previously, experience in this field was necessary to apply. This change will allow more people to participate in the scheme, which is expected to lead to more successful allotments.

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. This change will allow more people to participate in the scheme, as they will now have the option to pay the total amount in instalments.

In conclusion, the revised plot allotment schemes by YEIDA are expected to attract more investors and lead to more successful allotments. The new payment plan, which allows investors to pay the total amount in instalments, will reduce the financial burden on investors and make it easier for them to manage their finances. Additionally, the more flexible eligibility criteria and relaxed conditions will allow more people to participate in the scheme. Overall, these changes are a step in the right direction for YEIDA, and they are expected to have a positive impact on the real estate industry in the region.

Next (Evergrande's onshore debt restructuring: Bondholders to vote on $1.19 billion bond)

YEIDA to allow allottees up to five years to pay dues

This Month

Overview

Explore

Join Us