September 8, 2023: The Yamuna Expressway Industrial Development Authority (Yeida) plans to develop a new policy for realtors during its upcoming board meeting on September 12, according to a Hindustan Times report mentioning officials speaking on the matter.
With the new policy, the authority aims to reduce the number of defaulters and the default amount in the different schemes it offers. The policy will exempt realtors from penal interest and waive off the accrued interest accumulated accrued during legal disputes between farmers and the authority.
The report said that the authority plans to waive the penal interest on financial dues for group housing projects along the Yamuna Expressway region. Further, they may offer a zero period for housing projects impacted by legal disputes between the authority and farmers.
The report quoted the Yeida chief executive officer, Arun Vir Singh, as stating that the board was expected to discuss and decide on a one-time settlement policy for realty projects to resolve their outstanding dues. If approved, the policy would address realtors’ financial obligations, providing relief to homebuyers waiting for their units.
According to the media report, the authority allocated housing land in 2009-10, accepting 10% as an initial payment. Despite repeated notices, many realtors failed to clear the remaining land dues. Yeida had imposed normal interest on the unpaid 90% and penal interest for defaults, resulting in increased financial dues.
In June 2023, the Yeida, at its 77th board meeting, announced it would launch a one-time settlement scheme for nearly 9,812 defaulter property allottees. According to a recent Hindustan Times report, these developers collectively have Rs 4,439 crore pending dues on their properties, including flats, plots, shops, etc.
According to the authority, the dues to be paid will include the default amount and the instalments due. Only the penalty interest amount will be waived. If the financial dues are less than Rs 50 lakh, the defaulter must clear dues within 60 days, failing which they must also pay penal interest. If dues are more than Rs 50 lakh, the timeline to clear dues is within 90 days.
The approved rates by Yeida for land acquisition are Rs 3,100 per square metre (sqm), without a residential plot and Rs 2,728 per sqm with a residential plot. However, farmers are dissatisfied with the current rate.
See also: YEIDA plot scheme 2023 application, allotment procedure, lottery draw date
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Harini is a content management professional with over 12 years of experience. She has contributed articles for various domains, including real estate, finance, health and travel insurance and e-governance. She has in-depth experience in writing well-researched articles on property trends, infrastructure, taxation, real estate projects and related topics. A Bachelor of Science with Honours in Physics, Harini prefers reading motivational books and keeping abreast of the latest developments in the real estate sector.
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