The one-time settlement scheme (OTS) floated by Yamuna Expressway Industrial Development Authority (YEIDA) for defaulting property allottees has generated a significant response, with 2,593 applications submitted between October 1, 2021, to December 31.
Under the scheme, YEIDA, in a first, waived off the compounded penal interest component on total dues and levied only simple interest.
Sharing the outcomes, YEIDA chairman Arvind Kumar, who presided over a board meeting of the authority on Monday, said, “We offered the scheme to all categories of allottees, except private developers. Allottees who had taken industrial, institutional and commercial plots, as well as built-up houses, mixed-use and abadi plots, have availed the benefits.”
Allottees with Greater Noida Industrial Development Authority and Noida Authority are likely to be brought under the scheme after discussions with the government, said sources.
YEIDA CEO Arun Vir Singh said that the authority got 2,593 applications, and the scheme would bring in Rs 416 crore in revenues. Meanwhile, YEIDA would pass on benefits of Rs 350 crore to the applicants.
Out of the 38,000 allottees with units along the Yamuna Expressway, YEIDA introduced the scheme to cater to 32,000. Officials said that YEIDA had offered zero period benefits to several industrial and residential allottees who could not get land due to legal issues. They did not avail of the OTS scheme.
Rishabh Nigam, president, Yamuna Expressway Entrepreneurs Association, said, “We did not participate in the scheme because the authority had already offered zero period benefits to us. Other allottees, who had not made payments, said the authority was asking for additional compensation for farmers at the time of applying for the OTS benefits and did not apply either.”
Arun Vir Singh said that the matter of additional payments to the farmers is pending before the Supreme Court, and for now, allottees would have to pay up their dues.
On the other hand, during the board meeting, the deadline for executing the lease deed got extended till March 31 for all allottees, except group housing. Even those, who have received notices on executing the lease deed immediately, will be given additional time.
Additionally, YEIDA has decided to purchase six four-wheelers and hand them over to the police department for increased patrolling on the Yamuna Expressway. It will also standardise payments to civic work contractors, according to the rates prescribed by the UP public works department.