June 9, 2023: The Yamuna Expressway Industrial Development Authority (Yeida) has decided to shelve its group housing scheme owing to a lack of bidders, according to a report by Moneycontrol. Officials said the authority’s group housing proposal had not received a single application from developers due to the strict eligibility conditions under the scheme.
Yeida launched the residential group housing scheme in May 2023 for sectors located along the expressway after a gap of nine years. The authority aimed to generate revenue of Rs 500 crore through the scheme. The last Yeida sector group housing scheme was launched in 2014.
Yeida CEO Arun Vir Singh told Moneycontrol there would be no extension of the group housing scheme and that the scheme had been closed. There was a clause that clearly mentioned that only applicants who did not have any pending dues with any of the three development authorities in the Gautam Budh Nagar district would be eligible for the scheme. Officials said that most developers in the region had pending dues.
To protect homebuyers’ interests, the authority has decided that the defaulter clause would not be removed from the eligibility criteria as it was felt that those who already owed dues to the authorities should not be given plots, an official said.
Three plots were put up for auction under the group housing scheme, with the deadline of June 2, 2023. Under the scheme, two plots of 45,000 square metre (sqm) and one plot of 60,000 sqm in sector 22D were put up for sale.
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