Five things to know about Yamuna Expressway Authority’s group housing plot scheme

Yamuna Expressway high-rises

The Yamuna Expressway Industrial Development Authority (YEIDA) has launched a scheme for the sale of six group housing plots in sector 22D, along the expressway. According to officials, applications for the scheme started from September 28 and the scheme will be open till October 27.

The last time YEIDA had allotted group housing plots was in 2014. After nine years in May this year, the Authority had launched three group housing plots but no bidders had tuned up. So the scheme has been floated again, this time for six group housing plots.

“We have launched a group housing plot scheme and this time we are hopeful of getting an adequate response from developers for this scheme. The plots will be allotted through e-auction," a YEIDA official told Moneycontrol, requesting anonymity.

Location

Spread along the Yamuna Expressway, these plots are located in sector 22D, which is in close proximity to the Eastern Peripheral Expressway, the proposed film city, the upcoming Noida International Airport, Buddh International Circuit and Medical Park. Officials said that those who acquire land through this scheme will have access to a range of facilities and improved connectivity.

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Number of plots and sizes

Under the scheme, six group housing plots are being offered in different categories. The sizes of these plots range between 20,000 square metre (sqm) and 40,000 sqm.

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Price and registration fee

The reserved price of plots has been fixed between Rs 61.5 crore and Rs 135.3 crore depending on the size and location. Reserved rate of bidding ranges between Rs 30,750 per sqm and Rs 33,825 per sqm. The registration fee has been fixed at 10 percent of the cost of the plot. Given the different categories, the registration amount has been fixed between Rs 6.15 crore and Rs 13.53 crore.

Allotment

Applicants interested in group housing plots through the scheme can submit their applications till October 27, 2023. These group housing plots will be allotted through an e-auction which will be held on November 21.

Payment Plan

The YEIDA has decided to take payment in parts instead of paying the property cost up front in 90 days. Officials said that the applicants would have to deposit 10 percent earnest money at the time of application. Successful bidders will have to pay another 20 percent of the total cost at the time of plot allotment. The remaining 70 percent will have to be paid over three years in six instalments, the officials said.