After nine years, the Yamuna Expressway Industrial Development Authority (YEIDA) has launched its much-awaited residential group housing plots scheme for sectors located along the expressway. The Authority has also floated a scheme for allotment of seven commercial plots, officials privy to the development said.
The Authority aims to earn around Rs 500 crore from these two schemes. The last YEIDA sector group housing scheme was launched in 2014.
Under this scheme, three plots have been put up for auction and interested parties will be able to submit applications from May 5.
“The group housing scheme will close on June 2, 2023 and e-auction will be conducted on June 23. Under the scheme, two plots measuring 45,000 square metres (sqm) and one plot of 60,000 square metres, all located in sector 22D, will be auctioned. The pre-bid meeting of the scheme will be conducted on May 18, 2023,” YEIDA CEO Arun Vir Singh told Moneycontrol.
Singh added that he is hopeful of a good response for the scheme as these plots are adjacent to the Yamuna Expressway and in proximity with the Eastern Peripheral Expressway, the upcoming Noida International Airport, and the proposed Film City, medical devices park and toy park, among others.
He added that the proposed metro connectivity between Jewar Airport and Greater Noida and pod taxi services between the proposed Film City and the upcoming Noida International Airport would boost connectivity in the region.
YEIDA officials said that the reserved rate of bidding for a 60,000 sqm plot is Rs 33,825 per square feet (sqft), while it is Rs 30,750 per sqft for a 45,000 sqm plot. The Authority expects to earn around Rs 479 crore through the auction of these group housing plots.
Commercial plot scheme
The Authority also launched a commercial plot allotment scheme, wherein seven commercial plots have been put for auction in sector 22 A.
Officials said that the scheme includes two commercial plots of 112 sqm, four plots measuring 124 sqm and one plot of 140 sqm. The reserve price for the 112 sqm plot has been kept at Rs 2.87 crore, while the reserve price for plots measuring 124 sqm is Rs 3.18 crore. For the 140 sqm plot, the price has been kept at Rs 3.59 crore. The revenue potential from the auction of these plots is expected to be at least Rs 22.11 crore.
Interested parties can apply for the scheme from May 5 and the last date to submit applications is June 5.
The e-auction of these commercial plots will be conducted on June 20, 2023.
Applicants can download application forms from the authority’s website, www.yamunaexpresswayauthority.com, and submit bids online on the website, officials said.
Payment mode
For the benefit of buyers, the Authority 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 30 percent of the total cost at the time of plot allotment.
Also Read: YEIDA allots 22 plots in Medical Device Park in second phase
The remaining 60 percent will have to be paid over three years in six instalments, the officials said.
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