Yamuna Expressway Authority does away with e-auction for industrial plots, approves Master Plan 2041

YEIDA in its board meeting approved a policy to settle the dues of realtors in different schemes, be it group housing, institutional, industrial, or mix-land use among others. Under the scheme, the Authority has decided to waive the penal interest on land dues premium, officials said.

Officials said that the OTS scheme will start from October 1, 2023, and is valid for one month only. According to official estimates, developers owe around Rs 4,400 crore dues to the Authority. Defaulters will be given a chance to clear their dues in four months where the amount is up to Rs 50 lakh, and in seven months where the dues are higher than Rs 50 lakh.

Revision in land payment plan for group housing plots

The Authority has decided to revise the payment plan for group housing schemes. Under the revised plan, the builders will be allowed to pay the group housing land cost over a period of five years. Whereas till now they had to make full payment of the land cost within 90 days after the allotment letter was generated.

The decision comes after the Authority witnessed poor response to its previously launched group housing plot schemes.

Allotment of industrial plots

Following directions from the Uttar Pradesh government, YEIDA has decided to do away with the competitive bidding process or e-auction for industrial plots. Now the plots will be allotted based on the interviews and evaluations of a company’s profile.

“Industrial plots measuring up to 4,000 square metre will be allotted through a draw of lots or lottery system whereas plots larger than this size will be allotted based on the company's profile. Earlier interviews used to be conducted and then an evaluation used to be done. A similar process would now be adopted for allotment of plots,” an official said.

He said that allotment would be done on objective parameters where points would be given to developers. For instance, if it is a Fortune 500 company then it will be given certain points and interviews will be conducted. Based on the final score land allotment will be done.

The Uttar Pradesh government had in July 2023 asked the three development authorities – Noida Authority, Greater Noida Authority and YEIDA – to discontinue the practice of allotting industrial plots through competitive bidding as the government felt it was hampering the objective of providing industrial plots easily for new ventures.

Master Plan 2041

The master plan 2041 will have a special focus on the development of industrial and commercial regions, especially around the upcoming Noida International Airport.

“The Master Plan 2041 has been approved by the YEIDA board in its meeting. It will foster industrial, commercial and residential growth in the region,” a YEIDA official told Moneycontrol. He said the draft Master Plan 2041 will be sent to the Uttar Pradesh government for notification.

The Master Plan 2041, which has been prepared by MARS Planning and Engineering Services, will also include 55 villages of Bulandshahar district. It will also envisage connecting the notified area of Chola railway station with Jewar Airport through the road and rail network.

 Heritage City

The board has also decided to increase the planned development area under the Vrindavan-Raya Heritage City project. Now the planned development area has been increased to 1,500 acre up to Yamuna in Mathura from the earlier proposed 760 acre. The project now also envisages developing a riverfront on Yamuna near Mathura.