Yamuna Expressway Authority likely to extend deadline of group housing scheme by 2 weeks

A YEIDA official said the deadline is being extended because less than three applications were received against all the six plots that have been put up in the scheme (Representational image)

The Yamuna Expressway Industrial Development Authority (YEIDA) is likely to roll over its group housing scheme by two weeks. The move comes following lukewarm response from bidders towards its group housing scheme, officials privy to the development said.

The scheme was launched on September 27, 2023 for six group housing plots located in sector 22D along the Yamuna Expressway. The YEIDA sector 22D is located around 20-25 km from the upcoming Noida International Airport in Jewar . The last date to apply for the scheme was October 27.

A YEIDA official said the deadline is being extended because less than three applications were received against all the six plots that have been put up in the scheme. As per the rules, at least three applications should be received against each plot for the process to move to the next stage of e-auction.

“All the six plots attracted only one application each so far and to take it to the next level of allotment process we need to have at least three bidders against each plot. So, we are planning to roll over the group housing scheme by a week or two,” the official told Moneycontrol, requesting anonymity.

He also said that several potential applicants, who could not apply in the scheme, requested to give them more time to apply and extend the deadline of the group housing scheme. “We are hopeful that more bidders will come now,” the official said.

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Prinicipal Correspondent|moneycontrol

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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 turned up. So the scheme was floated again in September 2023, this time for six group housing plots.

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. 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.

As per the officials, the Authority has kept a tough eligibility criteria for the bidders as defaulter builders or those having previous large dues cannot apply in the scheme.