YEIDA opens bookings for 973 plots near Noida airport: All you need to know

The Yamuna Expressway Industrial Development Authority has launched bookings for 973 plots near Noida airport. As the region gears up for growth, here's everything you need to know before applying.

In Short

• YEIDA launches 973 residential plots near Noida International Airport
• Plots sized 162 to 290 sq metres priced at Rs 36,260 per sq metre
• Construction must finish in three years; strict residential use with penalties for violations

Just days after the inauguration of the Noida International Airport, the Yamuna Expressway Industrial Development Authority (YEIDA) has announced a new residential plot scheme. The move is expected to attract homebuyers looking to invest in the fast-developing region.

PLOTS ACROSS KEY SECTORS

The scheme offers 973 residential plots in sectors 15C, 18 and 24A of size 162, 183, 184, 200, 223and 290 square metere along the Yamuna Expressway. The project has been approved by UP RERA and the land is already in possession of the Authority.

Plots are priced at Rs 36,260 per square metre. Allotment will be done through a draw of lots. The plots will be given on a 90-year lease from the date of the lease deed.

Registrations have opened on the YEIDA website and the last date to apply is May 6. The draw is scheduled for June 18.

RESERVATION ACROSS CATEGORIES

YEIDA has set aside 17.5% of the plots for farmers whose land was acquired for the development of the Yamuna area and the airport. Another 5% is reserved for businessmen with functional industrial units in the Authority area.

Within these categories, 21% and 2% plots are reserved for SC and ST applicants respectively. Applicants must submit valid certificates to claim this benefit.

There is also a 5% horizontal reservation for persons with disabilities across all categories, including general. Out of this, 1% is reserved for visually impaired applicants. If reserved plots remain unfilled, they will be moved to the general category during the draw.

LOCATION CHARGES EXPLAINED

Extra charges will apply for plots with special locations. Park-facing or green belt plots will attract 5% additional cost. Corner plots will also carry a 5% charge. Similarly, plots on roads 18 metres or wider will have a 5% charge.

However, the total location charge for any plot will not exceed 15% of the premium.

PAYMENT RULES AND PRICE REVISION

All payments must be made online through the Authority’s website. No offline payments will be accepted.

Buyers will have to pay 100% of the total premium, along with applicable GST, within 60 days of the allotment letter. If the Authority revises land rates before issuing the allotment letter, the new rate will apply.

Any increase in land acquisition cost due to court or government decisions will also have to be borne by the allottee.

ALLOTMENT AND REFUND PROCESS

Plots will be allotted through a draw, conducted separately for each category.

For successful applicants, the registration amount will be adjusted in the total cost. Unsuccessful applicants will get a refund without interest if the money was held for less than a year. If it exceeds one year, interest at SBI savings account rate will be paid for the extra period.

Refunds will be processed to the same bank account used during registration. Applicants must provide bank details and upload a cancelled cheque to avoid delays.

CONSTRUCTION TIMELINE AND PENALTIES

Allottees must complete construction within three years of signing the lease deed and obtain an occupancy certificate. If they fail to do so, extension can be taken by paying charges.

The extension fee will be 4% of the total premium of plot for the first year, 5% for the second year and 6% for the third year. Beyond three years, charges will be 4% of the prevailing sector rate per square metre per year.

STRICT RULES ON LAND USE

The plots can be used only for residential purposes. Any commercial activity such as running a shop, office, clinic, school or similar services is not allowed.

Violation of this rule can lead to cancellation of the lease and sealing of the property. Activities causing pollution or nuisance are also prohibited. Display of indecent or objectionable material is not allowed.

TAXES AND OTHER CHARGES

Allottees will be responsible for paying all taxes, fees and other charges related to the plot, as imposed by the Authority or any other government body.

With flight operations at the Noida International Airport set to begin soon, demand for housing in the surrounding areas is likely to pick up. The new scheme is being seen as an opportunity for both end-users and investors to enter an emerging real estate hub.

- Ends