After failing to attract buyers in its previous tender, the Yamuna Expressway Industrial Development Authority (YEIDA) has reintroduced its group housing scheme and put on sale six plots in sector 22D along the Yamuna Expressway near Noida International Airport.
According to officials, the authority is looking at a revenue of at least Rs 450 crore from the allotment of these group housing plots.
The last time the YEIDA had allotted group housing plots was in 2014 but after nine years in September 2023, it had launched a group housing scheme but no bidders had tuned up so the scheme.
“The last date of registration and fee submission is May 20. This time we are hopeful of getting good response from bidders for these six group housing plots," a YEIDA official told Moneycontrol, requesting anonymity.
Here are five things you need to know about YEIDA group housing plots scheme:
Number of plots and sizes
Under the scheme, the authority has put on sale six group housing plots in different categories. Five of these plots measure 20,000 sqm each, while the other one is of 40,000 sqm.
Location
These plots are located in YEIDA Sector 22D along the Yamuna Expressway, which connects the heritage cities of Mathura and Agra with Greater Noida. These plots are in proximity with the proposed film city, the upcoming Noida International Airport near Jewar, Buddha International Circuit and Medical Device Park. The sector 22D also have direct connectivity with the Eastern Peripheral Expressway that connects western Uttar Pradesh with Delhi and Haryana.
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 or earnest money deposit (EMD) amount has been fixed at 10 percent of the cost of the plot. Given the different categories and sizes of plots, the registration amount has been fixed between Rs 6.15 crore and Rs 13.53 crore.
Allotment
Bidders can submit their applications and EMD amount till May 20, 2021. However, they can submit the required documents for the bidding process till May 21, 2024. These group housing plots will be allotted through an e-auction which will be held on June 10, 2024.
Payment Plan
With an aim to ease the payment of land cost for developers, the YEIDA has allowed to take payment in parts instead of paying the property cost up front in 90 days.
According to the bid document, the applicants would have to deposit 10 percent earnest money at the time of application. Successful bidders will have to pay 40 percent of the total cost after adjusting the EMD amount within 60 days of the plot allotment letter. The remaining 60 percent will have to be paid over five years in 10 half yearly instalments.
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