Yamuna authority receives 20,000 applications for 550 residential plots – ET RealEstate

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The Yamuna Expressway Industrial Development Authority (Yeida) has received 20,000 applications for 550 residential plots and 4,200 applications for nearly 400 industrial plots of different categories as it pushes for development around the upcoming Noida International Airport.

The authority will allot the plots through a lucky draw and is expected to generate revenue of about Rs 1,000 crore from the sale.

Prices of the plots range from Rs 11 lakh to Rs 6.6 crore, and the highest number of applications (10,000) have been received in the 120 square metres category, in which only 117 plots are being offered.

“The number of forms suggests there is a huge demand for both residential and industrial development near the airport. The residential development is in sync with the commercial and industrial development,” said Arun Vir Singh, CEO, Yeida.

The authority has not received much response for the larger residential plots. Only six applications have been received for 11 plots of 4,000 sq metres on offer and two for 2,000 sq metres while 16 plots were on offer in this category.

“In the industrial segment, 3,851 applications have been received under the MSME (micro, small and medium enterprises) category while the rest are for the toy and furniture park. We have reserved some plots for the startup category to promote new businesses,” said Singh.

Residential plots are priced at Rs 16,500 per sq metre while the industrial plots are priced at Rs 6,500 sq metre.

Land prices around Yamuna Expressway have surged since the signing of agreement for development of the Jewar airport and approval of a film city.

Yeida has set a target of revenue of Rs 3,000 crore for 2021-22 amid a surge in demand for industrial, commercial and residential plots near the international airport.

Revenue jumped to Rs 2,200 crore in 2020-21 from Rs 1,200 crore in the previous year.

The Uttar Pradesh government is creating land banks along the Yamuna Expressway in the National Capital Region and is in talks to create a toy manufacturing hub and an MSME and apparel park near the upcoming airport.

The state government recently approved a 700-acre electronic city near the site of the airport, which is expected to give a further boost to real estate demand in Noida.

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Uttar Pradesh cabinet approves Rs 2,890 crore for Noida International airport land – ET RealEstate

LUCKNOW: The state cabinet on Tuesday approved of Rs 2,890 crore for acquisition of 1185 hectare land for phases 1 and 2 of Noida International Airport in Jewar.

This includes Rs 163 crore under the Right to Fair Compensation and Transparency in Land Acquisition, Rehabilitation and Resettlement Act, 2013.

Approval was also given to transfer 36 hectare land out of the total 1,363 hectare for the development of the first two phases, from the Yamuna Expressway Industrial Development Authority 36 hectare land transfer to civil aviation department.

The cabinet also promulgated the UP Panchayati Raj Reservation and Allotment of Seats and Offices (Twelfth Amendment) Rules, 2021. The move came a day after the Allahabad high court ruled that the base year for reservations for the upcoming panchayat elections has to be 2015, which will now require the government to completely change the new reservation system it had introduced this year.

The amendment will be applicable from the upcoming elections under which rotation of reservation will be as per the system followed in 2015.

The cabinet also allowed the UP Power Corporation Limited and power distribution companies to take long term transactional loans of up to Rs 7,000 crore. The government will provide guarantee for it. An official said that the funding was required as power companies had suffered huge losses during the Covid-19 lockdown in 2020.

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Launched in 2009, YEIDA starts registry of residential plots now – ET RealEstate

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GREATER NOIDA: After a gap of 12 years, the Yamuna Expressway Industrial Development Authority (YEIDA) has started the process of executing registry of residential plots in sectors 18 and 20.

Launched in 2009, the pockets and blocks in the two sectors were developed over the past three years. Around 11,000 of 21,000 plots are being readied here and the registry process of more than 7,000 plots has already been initiated. The development work is in the final stages in blocks I and J of Sector 18 as well as blocks A, B, C and D in Sector 20. Work is going on in full swing in blocks R, S, T and U in Sector 20.

But a number of people who have been handed plots after registry are still struggling because of a petition in the Supreme Court. A doctor from Faridabad, who has been awarded a 1,000 sqmt plot in Block C of Sector 20, said, “The Authority has taken from us an enhanced compensation for paying the farmers. I have spent about Rs 74 lakh since 2009 as land premium and interest. However, a petition of the Yamuna Authority against a Allahabad High Court order is pending before the Supreme Court. Till that is decided, there is no way we will be able to start construction work in our block.”

Situated about 15km away from Pari Chowk ahead of Jaypee Sports City, YEIDA has facilitated about 5,500 registries in the two sectors. By March 31, the authority is targeting to execute 2,500 more.

Meanwhile, those representing the association of buyers in the Yamuna region have forwarded a six-point demand to the authority before more registries are carried out.

“The problem is that after the registry is done, an allottee is given three years to complete construction work. After that, penalties are levied for the delay. Farmer issues in C, D, R, S, T and U pockets of Sector 20 are yet to be settled and no construction work can take place till the issues are resolved,” said Safal Suri, a member of the association.

Arun Vir Singh, chief executive officer of YEIDA, said the outcome of the petition was awaited. “But we will soon hold camps to sort out the problems in certain blocks and facilitate physical possession to allottees. We want people to settle down in the Yamuna region at the earliest,” he added.

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Greater Noida: Authorities mulling reduction in business reorganisation charges – ET RealEstate

GREATER NOIDA: In a major development, a common policy is being evolved to evaluate whether charges for allowing reorganisation of business and company structure can be brought down for allottees of industrial, institutional and commercial plots across the three industrial development authorities in Gautam Budh Nagar. The decision was taken at the Greater Noida Authority’s board meeting on Wednesday.

The Noida Authority, Greater Noida Industrial Development Authority (GNIDA) and Yamuna Expressway Industrial Development Authority (YEIDA) have been asking applicants to pay up 10% of the prevailing land premium for permitting changes in the constitution of business. But a lot of companies had sought exemption from paying up the charges since their businesses took a hit due to the pandemic this fiscal.

Senior officials of the industrial development department went through the proposal of GNIDA to offer relaxations to allottees who seek changes in partnership firms, limited liability partnership firms, private limited companies and the ones looking to change proprietorship company to partnership and the ones intending to change the shareholding pattern of promoters in public listed companies.

“Those looking to reorganise their companies and the organisation structure will be given relaxations. A committee will be constituted to come up with new guidelines that will be implemented by the three authorities,” said GNIDA’s CEO Narendra Bhooshan. GNIDA also asked for Rs 10,000 from the applicants looking to reconstitute the company structure as processing charges.

Among other key decisions, GNIDA will extend benefits of the one-time settlement scheme to all kinds of allottees. Applicable for group housing plots, the scheme will be rolled out for residential, commercial, institutional, ITes, commercial and institutional categories of allotment as well. An online grievance redressal platform will also be developed for the residents of Greater Noida to offer paperless services to them. Land pooling policy will be introduced for acquisition of land.

Meanwhile, authority officials on Wednesday said they have fast-tracked leaseback allotment and will hand over 6% developed plots to original farmers within six months. Out of 18,000 leaseback developed plots, the authority has disposed of applications and chose the allottees of 90,00 plots. Authority officials have also sought permission from senior officials to increase the amount they can keep in their custody under the escrow account. GNIDA had initiated a mechanism to set up escrow accounts with private builders.

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