YEIDA introduces OTS policy for allottees in 71st board meeting

Noida: In a major relief to their allottees, the Yamuna Expressway Industrial Development Authority (YEIDA) has introduced One-Time Settlement policy for all their allottees except from the builders and group housing townships. Officials said that the penal interest (penalty) will be dropped from the date of allotment of land.

Arun Veer Singh, Chief Executive Officer (CEO), YEIDA said that the OTS scheme will come into affect from October 1 and will continue till November 30 and all the applications will be received online. "The amount to be paid shall be calculated automatically after the allottees enter details and a time of four months will be given to pay the amount of or less than Rs 50 lakh beyond that the amount can be paid in seven months," said Singh.

Singh further said that this is the first time any authority has launched an OTS scheme to benefit their allottees. "The OTS scheme will benefit all types of allottees such as residential, industrial, institutional except the group housing sector," added Singh. The decision was taken in YEIDA's 71st board meeting held on Tuesday.

Apart from OTS scheme, the YEIDA board also made changes in the industrial land allotment procedure. The board has approved objective parameters for allotment of industrial land above the size 4,000 sqm.

"These parameters include turnover of the company seeking the plots, their net worth, capital investment, investment generation are among some parameters that will be considered while the time of allotment of industrial land bigger than 4,000 sqm in size," the CEO added.

The authority shall also pursue fast track allotment process for all those companies that are listed or referred from the InvestUP and their allotment process shall be done hassle free and as soon as possible. The board also approved a medical device park that will bring in an investment of Rs 5,250 crore and provide employment to more than 20,000 people. YEIDA has earmarked 350 acres of land for the first medical device park in UP that will be developed in Sector 28 along the Yamuna

Expressway.

Over the foundation laying ceremony of Noida International Airport at Jewar, CEO Arun Veer Singh said that all the basic formalities have been completed and the levelling of land along with construction of boundary wall is underway.

"An official confirmation over the date is awaited from the PMO and UP Chief Minister's office. We expect that soon the foundation laying ceremony shall be performed," he added.