Greater Noida: Aiming to revive stalled real estate projects, the Yamuna Expressway Industrial Development Authority (YEIDA) has adopted the government order to implement Amitabh Kant committee recommendations which aims to benefit buyers of incomplete real estate projects.
According to officials, the letter demanding dues will be issued to the builders after calculating and benefits will be given only after a payment of 25 per cent of the total due amount. “The move is going to benefit over 14,000 homebuyers that are stuck in nearly nine projects” a senior YEIDA officer said.
The decision was taken in recently held YEIDA’s 79th board meeting. The meeting was chaired by YEIDA chairman and chief secretary industrial development Anil Kumar Sagar, which was attended by CEO Arun Vir Singh, Greater Noida authority CEO Ravi Kumar NG, OSD Shailendra Bhatia, Noida authority ACEO Satish Pal and other senior officials.
As per officials, the total revenue received by the authority for financial year 2022-23 was Rs 1,784.63 crore, however for the financial year 2023-24 it stood at Rs 5,107.75 crore which is nearly 285.64 per cent more.
Similarly, the total revenue payment in 2022-23 was Rs 1,204.89 crore while in financial year 2023-24 the total revenue payment of the Authority was Rs 2,036.39 crore which is an increase of 169 per cent.
Officials said that the expenses have been mainly done on land acquisition, farmers’ compensation, authority dues and other development projects.
YEIDA CEO Arun Vir Singh briefed over the major decisions taken by the authority board. He said that the farmers issues’ have been kept on priority in the meeting.
“The compensation issues between authority and farmers have been solved. After taking their consent work on interchange will be resumed and land is being identified to give 7 percent population plot to farmers. With the new interchange, the travel time from Expressway to Kundli, Sonipat, Meerut, Manesar etc. will be cut down” the CEO said.
The authority board also approved the DPR of Raya Heritage Corridor which is to be built on 753 acres at a cost of Rs 1,220 crore. Apart from this, the authority has also given consent to build housing in four administrative offices and four zonal offices of Yamuna Authority.