In a fresh endeavor to meet its ambitious revenue goals, the Yamuna Expressway Industrial Development Authority (YEIDA) has announced the relaunch of its group housing scheme following a previous tender round that drew no bidders in September 2023. The revitalized initiative now presents potential investors with the opportunity to own one of six residential plots located in the strategically advantageous sector 22D, which flanks the Yamuna Expressway and lies in the vicinity of the forthcoming Noida International Airport in Greater Noida.
YEIDA has set its sights on a projected minimum income of Rs 450 crore through this scheme, confident that these prime parcels of land will entice a positive response from developers and investors. The plots, situated not only close to the Yamuna Expressway but also to key infrastructural projects such as the Noida International Airport, Film City, Buddha International Circuit, and a proposed Medical Device Park, benefit from excellent connectivity to significant historical and commercial hubs including Mathura and Agra. With such an array of developments in the pipeline, the YEIDA scheme represents a major draw for those looking to invest in a rapidly expanding region.
The scheme offers six plots for group housing purposes, out of which five are sized at 20,000 sqm each and a more extensive plot spanning 40,000 sqm. Bidding prices for the plots start from Rs 30,750 per sqm, ranging up to Rs 135.3 crore, contingent on the plot size. Those interested in securing a plot will need to furnish a registration fee, which stands at a considerable 10 percent of the total plot cost, as an Earnest Money Deposit (EMD).
YEIDA has outlined an e-auction as the method of allocating these much-sought-after plots. The final date for application submission and EMD payment is May 20, 2024. Prospective bidders will need to ensure all necessary documentation is submitted by the following day, May 21, with the e-auction itself slated for June 10 of the same year.
A notable aspect of the relaunched scheme is a modification to the payment plan, reflecting YEIDA’s adaptability in response to market conditions. Successful bidders are now permitted to pay in stages; they must disburse 40 percent of the total plot cost within the opening 60 days post-allocation and can then spread the remaining amount over ten semiannual installments across a five-year period. This new staggered payment approach replaces the former requirement of an upfront payment within a 90-day window.
Noida and Greater Noida compose a region renowned for its swift pace of urbanization and development. This bustling area includes commercial centers, residential complexes, and various industrial establishments, factors which contribute significantly to the economic vitality of the broader Delhi-NCR metropolitan region. The YEIDA residential plot offer is set against this backdrop of growth and progress.
The authority is optimistic about the outcome of this relaunch and believes that the appeal of the available plots, coupled with the convenience of the updated payment plan, will lead to a successful bidding round. As the deadline for registration and fee submission looms, prospective bidders are encouraged to consider the potential that these plots in Greater Noida hold for future development and the part they could play in the ongoing expansion of the Delhi-NCR region. With the June e-auction date on the horizon, eyes are now turned to see who will seize the opportunity to become a pivotal part of this dynamic and evolving landscape.
