YEIDA Announces One-Time Settlement Scheme for Defaulters in Bid to Recover Dues

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    In an effort to recover outstanding dues from defaulters and boost registrations, the Yamuna Expressway Industrial Development Authority (YEIDA) has decided to reintroduce its one-time settlement scheme. The scheme is set to run for a month, starting from August 1, 2023, and aims to recover over Rs 4,450 crore in dues from 14 builders, while also facilitating at least 10,000 registrations.

    The decision to reintroduce the policy for the fourth time was made during the 77th board meeting following persistent demands from allottees. The primary objective is to significantly reduce the number of defaulters and the overall default amount across various schemes managed by the authority.

    Under the terms of the settlement scheme, the dues to be paid will encompass both the default amount and the pending instalments, with only the penal interest being waived. Allottees with dues up to Rs 50 lakh will be required to deposit the entire amount within 60 days from the date of the demand letter. For dues exceeding Rs 50 lakh, the complete amount must be paid within 90 days.

    The approved rates for land acquisition, excluding a residential plot, are set at Rs 3,100 per square metre. However, if a residential plot is included, the rate will be Rs 2,728 per square metre, with the residential plot size amounting to 7 percent of the farm’s total area.

    Aside from the settlement scheme, the YEIDA is facing challenges in acquiring land from farmers near the upcoming Noida International Airport, primarily due to disputes over the compensation rate. The land is slated for development by YEIDA for industrial, commercial, and residential allotment in the region encompassing sectors 17, 17A, 18, 20, 22D, 22E, 24, and more, along the Yamuna Expressway.

    Earlier this year, during the board meeting held on February 20, a proposal for acquiring land in industrial sectors adjacent to Noida International Airport, such as sectors 21, 28, 29, 32, 33, 10, and 09, was approved. Additionally, the acquisition of 500 metres of land towards the north, east, and west of the airport, for constructing a peripheral road and preventing encroachments, was also given the green light.

    Despite the approvals, farmers have expressed discontent with the current compensation rates and are demanding a uniform, higher rate. Nevertheless, they have yet to specify the exact figure they desire.

    In response to the farmers’ demands, the YEIDA board has decided to refer a relevant proposal to the government. Further actions regarding the compensation rates will be contingent upon receiving approval or no objection from the government.

    With the reintroduction of the one-time settlement scheme, YEIDA aims to strengthen its financial position, streamline outstanding dues, and foster greater cooperation with defaulters. The scheme is expected to offer a viable solution for both the authority and the allottees, thereby facilitating the overall growth and development of the region.

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