YEIDA Acquires 3,340 Acres for Planned Development in Noida

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    In a bid to expedite planned development and address the concerns of defaulting property allottees, the Yamuna Expressway Industrial Development Authority (Yeida) has announced significant measures. These decisions were made during Yeida’s 77th board meeting, held at the administrative office in Greater Noida’s Sector Omega 1.

    One of the major developments is Yeida’s decision to acquire 3,340 acres of land for various industrial, infrastructure, and other projects. The acquisition process will commence once the Uttar Pradesh government finalizes the land rates. Yeida has sought approval for rates that align with the farmers’ demands in the region, as the current rate of ₹3,100 per square meter and 7% of acquired land for farmers’ residential use has left them dissatisfied.

    Arun Vir Singh, the CEO of Yeida, stated, “Once the rates are finalized, we will seek farmer support and initiate the land acquisition required for our projects.” The targeted areas for land acquisition include 820 acres in Sector 9, 800 acres in Sector 11, and 1,720 acres in Tappal-Bajna, where Yeida plans to establish an urban center along the Yamuna Expressway.

    Yeida’s prompt action in land acquisition aims to counter illegal activities by the land mafia, which has been involved in unauthorized housing and commercial projects, hindering planned development.

    In addition to land acquisition, Yeida has introduced a one-time settlement scheme for defaulting property allottees. A total of 9,812 allottees, owing ₹4,439 crore collectively on their properties, will benefit from this scheme. The scheme will waive the penal interest and focus on collecting the principal amount from the defaulters.

    The one-time settlement scheme will be launched on August 1, 2023, for a limited period. Allottees with financial dues below ₹50 lakh must clear the outstanding amount within 60 days to avoid paying penal interest. For dues exceeding ₹50 lakh, the allottees have 90 days to settle their payments.

    Yeida’s proactive measures aim to ensure planned development is not disrupted and to support defaulting property allottees in fulfilling their financial obligations. These initiatives highlight Yeida’s commitment to progress and collaboration with all stakeholders involved in the region’s growth.

    Also read :- YEIDA revises rates, doubles allocation for Jewar airport

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