8k Homebuyers Can Pay 64% Hike in Installments

The Yamuna Expressway Industrial Development Authority (Yeida) in its board meeting on Monday approved, among many key suggestions, a proposal to allow over 8,000 property buyers to pay in four installments the additional 64.7% hiked compensation to farmers over their acquired land for airport.

- Vinod Rajput

GREATER NOIDA:

The allottees will have until March 31 to apply, after which they must pay the first installment of 25% within two months, the authority said.

"The remaining amount will be paid in three installments over six-month intervals. But no relief will be granted on interest or penal interest for delayed payments, apart from the two-year timeline provided to clear the dues," said Yeida chief executive officer (CEO) Arun Vir Singh, adding that a proposal to set up a medical college on 20 acres of land in Sector 17 was also okayed, with applications for it to be invited soon.

Another major discussion point was the adoption of a uniform industrial plot allotment policy aligned with Noida and Greater Noida authorities, officials said, adding that the board also agreed to implement e-auctions for plots up to 8,000 sqm; larger parcels will be allocated via interview-based system.

"The modifications will be required in the objective parameters for interview-based allotments to reflect the distinct pace of development in Yeida region. The revised parameters will be presented at the next board meeting on March 28 for approval," the CEO said.