Prime Plot Offerings
In anticipation of increased housing demand fueled by the imminent launch of flight operations at Noida International Airport, the Yamuna Expressway Industrial
Development Authority (YEIDA) has unveiled an extensive residential plot scheme. This initiative offers a total of 973 plots, strategically located in sectors 15C, 18, and 24A along the Yamuna Expressway. Prospective buyers can choose from a range of plot sizes, including 162, 183, 184, 200, 223, and 290 square meters. These plots have been approved by UP RERA, and YEIDA confirms possession of the land, ensuring a smooth development process. The current pricing stands at Rs 36,260 per square meter, with allotment determined through a transparent draw of lots. Successful applicants will secure a lease of 90 years from the date of the lease deed. The application window is now open on the YEIDA website, closing on May 6, with the draw scheduled for June 18, making it a timely opportunity for those looking to invest in a rapidly developing region.
Inclusive Reservation Policies
YEIDA has thoughtfully integrated several reservation categories within this plot scheme to ensure equitable distribution. A significant 17.5% of the available plots are earmarked for farmers whose land was acquired for the development of the Yamuna region and the airport. Additionally, 5% of the plots are reserved for businessmen who operate functional industrial units within the Authority's jurisdiction. Further enhancing inclusivity, within these primary reservation groups, 21% of the plots are designated for Scheduled Caste (SC) applicants and 2% for Scheduled Tribe (ST) applicants, provided they submit valid certificates to claim these benefits. A horizontal reservation of 5% is also implemented across all categories for persons with disabilities, with 1% specifically set aside for visually impaired applicants. It's important to note that any reserved plots that remain unfilled after their designated application period will be integrated into the general category during the final draw.
Understanding Location Premiums
For certain plots offering enhanced desirability, additional charges will apply, reflecting their advantageous positions. Properties that are park-facing or situated alongside green belts will incur a supplementary cost of 5% of the plot's premium. Similarly, corner plots, which often provide greater accessibility and potential for unique architectural designs, will also attract a 5% premium. Plots located on roads measuring 18 meters or wider are subject to an additional 5% charge, acknowledging their proximity to major thoroughfares. However, to maintain fairness, the cumulative location charges for any single plot are capped, not exceeding 15% of the total premium, ensuring that these additional costs remain manageable for allottees.
Payment Structure & Adjustments
The payment process for these plots is exclusively online, requiring all transactions to be conducted through the Authority's official website; no offline payments will be accepted to ensure transparency and efficiency. Successful allottees are mandated to remit 100% of the total premium, in addition to any applicable Goods and Services Tax (GST), within a 60-day period following the issuance of their allotment letter. A crucial point for potential buyers to note is that if the Authority decides to revise land rates before the allotment letter is issued, the revised rate will be applied to the total cost. Furthermore, any increases in land acquisition costs, arising from court directives or government decisions, will also be the responsibility of the allottee to bear.
Allotment, Refunds & Timelines
The allocation of plots will be conducted through a computerized draw of lots, with separate draws organized for each specified category to ensure fairness. For applicants who are successfully allotted a plot, the initial registration amount paid will be seamlessly adjusted towards the total cost of the plot. In cases where an applicant is unsuccessful, a refund of the registration amount will be processed. If the funds were held for less than a year, the refund will be issued without any interest. However, if the funds are held for over a year, interest will be paid at the prevailing SBI savings account rate for the duration exceeding one year. All refunds will be credited back to the same bank account used during the initial registration, and applicants are advised to provide accurate bank details and upload a cancelled cheque to expedite this process.
Construction Rules & Penalties
Successful allottees are required to commence and complete construction on their allotted plots within a period of three years from the date of signing the lease deed. Upon completion, they must obtain an occupancy certificate. Should an allottee fail to meet this three-year deadline, an extension can be sought by paying specified charges. The fee for the first year of extension amounts to 4% of the total plot premium, increasing to 5% for the second year and 6% for the third year. For extensions beyond three years, charges will be calculated at 4% of the prevailing sector rate per square meter per annum, emphasizing the importance of adhering to the construction timelines.
Strict Land Use Regulations
The plots allocated under this scheme are designated strictly for residential purposes only. Any form of commercial activity, including but not limited to running shops, offices, clinics, or similar service-oriented businesses, is explicitly prohibited on these plots. Inhabitants are also forbidden from engaging in activities that generate pollution or cause a public nuisance, as well as displaying indecent or objectionable material. Strict adherence to these land use regulations is paramount, as any violation could lead to severe consequences, including the cancellation of the lease agreement and the sealing of the property. This ensures the area maintains its intended residential character and quality of life.
Associated Taxes & Dues
Allottees will assume full responsibility for the payment of all applicable taxes, fees, and any other charges that may be imposed on their plot. This responsibility extends to dues levied by the Yamuna Expressway Industrial Development Authority as well as any other relevant government bodies. Prospective buyers should factor these ongoing costs into their financial planning to ensure compliance and avoid any potential penalties. The Authority's imposition of these charges is standard practice for maintaining and developing the infrastructure and services within the region.
