Yamuna Authority to offer 900 plots in Sector 22D
Yamuna Expressway Industrial Development Authority (YEIDA) has started offering plots to revive the real estate market along the newly inaugurated transit passage. From August 2015, there are over 900 plots that have been put on offer. Whether the scheme takes off as expected or if the decision backfires, the results will only come when the plots are offered without bias. The plot size ranges between 120 square metres to 162 square metres with price shuttling between INR 15 lakhs to 25 lakhs.
The 900 plots that are available under YEIDA offer is located in Sector 22D. A similar offer was made in the year 2009, when around 21000 plots were allotted in prime locations on the Yamuna Expressway Sector 18 and 20. Then, the plot size was larger at 300 square metres. The low-priced plot offers is directed at middle-class investors who would like to own a small row house or a shop to further their commercials. In fact, there is likely to be ceiling clause to prevent the grouping of plots so that the builders don’t encroach into the recent plot markers.
The Expectations: The Preferences
The YEIDA officials are up-beat about the plot offers. They are optimistic that the buyers will take up the plot within 60 days of its announcement. Those who pay the plot price up front will be preferred. The second preference will be extended to potential buyers who can shell out 50 per cent of the plot price and seal the deal in the next 2 instalments. Starting from the day the first payment was made, the two-instalment policy is what most investors are eyeing as it gives them enough chance to grab a potential hike meter and sell the land at a higher price than what is being offered. You can make the rest of the payment in the remaining year.
The lat preference is given to applicants who will pay at least 30 percent of the total cost and pay the remaining amount in eight instalments spread over a period of four years. The interest of 12 percent will add annually to the reminder amount.
Home of Choice
This is only the second time that the YEIDA has made deliberate attempt to bring the low and middle income at par with the high-end luxury home buyers who are making a beeline into the corridor. While price remains a big factor in deciding whom to give and whom to leave out, YEIDA has envisaged the systematic plans to handle the applicants fairly.
The Plan ahead
YEIDA has already constructed close to 7500 apartments at a cost of INR 3000 per square feet. The apartments in Sector 22D will be available from January 1, 2016. So the New Year will usher a new set of residents who will own a house for 20 lakhs in India’s fastest growing express corridor. Apart from the flats, the YEIDA is also offering developed plots at INR 14,200 per square metre.
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ABOUT THE AUTHOR
Naresh is a real estate expert and consultant from Delhi. He deals with analyzing trends in the market of residential apartments and plots for sale in Yamuna Expressway For more info visit CommonFloor