YEIDA adopts Project Settlement Policy to ease home buyers’ woes
In its 58th board meeting held on Tuesday, Yamuna Expressway Industrial Development Authority (YEIDA) formally authorised the Project Settlement Policy (PSP) which has already been adopted by the Noida and Greater Noida Authorities in their respective Board meetings held last month. The PSP is expected to rescue sick realty projects in the area. The board has also approved a zero period for builders.
As the Uttar Pradesh Assembly elections are round the corner, it is expected to be the last board meeting. The meeting was convened by the YEIDA Chairman Sanjay Agarwal with other officials. Deepak Agarwal, CEO, Noida and Greater Noida authority was also present in the meeting.
Several major decisions were taken by in the meeting; the most important of those was the adoption of the Project Settlement Policy by the authority. The policy is focused on benefiting thousands of home buyers rather than the builders. It intends to address issues concerning the realty sector, including delayed and sick projects.
YEIDA also approved the implementation of a zero period for realty projects which had been delayed in the Greater Noida west area, following National Green Tribunal orders in 2013.
Realtors have been demanding that the period during which work on the sites was stopped, be declared as ‘Zero Period’. They have also sought that the Authority waive off the interest levied on installments of allotments during this period besides time for installments be extended. This decision will surely benefit the realtors of the area on whom huge fines in terms of interest were imposed.
Apart from these, the board also gave clearance to the proposal of giving advance funds to those farmers who were to be given additional compensation of 64.7 per cent approved by the authority. If demanded, the advance funds will be given only in case of critical illness being suffered by either the land owner or any other family member.