Yamuna Expressway Authority Makes Key Decisions, Approves Master Plan 2041

    Date:

    Share post:

    In a recent board meeting held on September 13, the Yamuna Expressway Industrial Development Authority (YEIDA) has taken several significant steps to shape the future development of the region along the Yamuna Expressway. These measures include the discontinuation of the e-auction process for industrial plots, a revision in the payment plan for group housing schemes, and the introduction of a One-Time Settlement (OTS) policy for real estate developers.

    The YEIDA board also granted approval for the draft Master Plan 2041, laying the groundwork for the region’s continued growth. YEIDA plays a pivotal role in implementing Yamuna Expressway projects and overseeing allied developments spanning residential, commercial, and industrial sectors along the 165-kilometer expressway, connecting Greater Noida with Agra.

    One-Time Settlement Policy

    YEIDA has greenlit a policy designed to facilitate the settlement of outstanding dues owed by real estate developers across various schemes, including group housing, institutional, industrial, and mixed-land use, among others. Under this scheme, the Authority will waive penal interest on land dues premiums. The OTS policy is slated to commence from October 1, 2023, and will remain in effect for one month. It is estimated that developers collectively owe approximately Rs 4,400 crore to the Authority. Defaulters will have the opportunity to clear their dues within four months for amounts up to Rs 50 lakh and within seven months for dues exceeding Rs 50 lakh.

    Revision in Land Payment Plan for Group Housing Plots

    In a move aimed at encouraging participation in group housing schemes, YEIDA has decided to revise the payment plan for group housing plots. Builders will now have the flexibility to spread the cost of group housing land over a five-year period, as opposed to the previous requirement of full payment within 90 days following the allotment letter issuance. This decision comes in response to lackluster responses to previous group housing plot schemes.

    Allotment of Industrial Plots

    Following directives from the Uttar Pradesh government, YEIDA has opted to abandon the competitive bidding process or e-auction for industrial plots. Instead, allotments will be based on interviews and evaluations of a company’s profile. Industrial plots measuring up to 4,000 square meters will be allocated through a draw of lots or a lottery system, while larger plots will be assigned based on the company’s profile and objective parameters. This change aims to streamline the process and ensure fair allocation of plots.

    In July 2023, the Uttar Pradesh government had urged development authorities, including Noida Authority, Greater Noida Authority, and YEIDA, to cease allotting industrial plots through competitive bidding, citing its hindrance to providing industrial plots efficiently for new ventures.

    Master Plan 2041

    YEIDA’s board has given its approval to the Master Plan 2041, which will focus on the development of industrial and commercial regions, particularly around the upcoming Noida International Airport. This master plan, prepared by MARS Planning and Engineering Services, will encompass 55 villages in Bulandshahar district and envision the connectivity of the Chola railway station’s notified area with the Jewar Airport via road and rail networks.

    Heritage City

    Furthermore, the board has decided to expand the planned development area for the Vrindavan-Raya Heritage City project. The area has now been increased to 1,500 acres, extending up to the Yamuna River in Mathura, up from the previous proposed 760 acres. The project also includes the development of a riverfront along the Yamuna near Mathura.

    These decisions collectively mark a significant step forward in shaping the future of the Yamuna Expressway region, with an emphasis on fostering industrial, commercial, and residential growth and enhancing infrastructure and connectivity. The draft Master Plan 2041 will be forwarded to the Uttar Pradesh government for formal notification.

    Also read: YEIDA’s Master Plan 2041 Nears Implementation, Approval Expected by September-End

    LEAVE A REPLY

    Please enter your comment!
    Please enter your name here

    Related Posts

    Latest posts

    Real Estate Reality Check: Is Rs 5 Crore the New Standard Over Rs 1 Crore?

    In today's bustling Indian cities, the real estate landscape is undergoing a significant transformation. What was once considered...

    Delhi RERA chief warns real estate developers (About investors Trap)

    Real estate developers need to watch out for investors who might disrupt their finances and cause their projects...

    AIPL PRESENTS SUPERSIKH VAISAKHI 5K RUN

    AIPL (Advance India Projects Limited) presents SUPERSIKH VAISAKHI 5K RUN in partnership with the World Punjabi Organisation (WPO)...

    Ashiana Housing sold 224 flats saleable value of 440 crore in just 15 minutes at its prestigious projects Amarah

    Ashiana Housing announced that it has sold out the entire phase 3 of its prestigious project, Ashiana Amarah...