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Addressing the high demand for residential options near the upcoming Noida International Airport area, the Yamuna Expressway Industrial Development Authority (YEIDA) has launched a new residential plot scheme this Diwali 2024. On offer are around 400 plots in Sector 24A.
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This scheme mainly features smaller plots for buyers who want to build homes near the Noida airport, said officials.
Applications for the scheme opened on October 31, 2024, and will close on November 30, 2024. The draw for the plots is scheduled for December 27.
Plot sizes and availability
The scheme will feature plots in these sizes: 120 square metres (sqm), 162 sqm, 200 sqm, 250 sqm and 260 sq m. In Sector 24A, there are 451 plots available of which 372 plots are available in the general category.
Residential demand in the YEIDA area
The area surrounding the Noida International Airport, which includes the planned international film city, has generated considerable interest among homebuilders. Many buyers view this as an excellent opportunity to invest in a developing urban hub, with the airport expected to commence operations by April 2025.
In September, Yeida had launched a 361 plots scheme in which over 200,000 applicants applied for plots located near Noida international airport in Jewar that is slated to become operational by April 17, 2025. The previous scheme offered plot sizes ranging from 120 to 4,000 sqm, priced at โน29,500 per sqm.
5% percent preferential location charges
Park facing/Green belt location charges will be 5% of the premium.
Corner locations charges will be 5% of the premium.
If the width of the road is 18mtr or more, the location charges will be 5% of the premium.
The maximum location charge for any single plot shall not be more than 15% of the premium, the brochure showed.
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Rate of land
The rate of the land in residential plot under this scheme is 25900.00 per sq. m, the brochure showed.
Revised rate shall be payable by the allottee in case the Authority makes any revision/change in the rate of residential allotment. If acquisition cost/compensation/ex-gratia is increased by the court or by the state government or by Authority, then the allottee shall bear the proportionate increased cost of acquisition, it showed.
Allotment process
The allotment shall be through a draw of lots of plot numbers. The draw shall be undertaken for each category separately.
Eligibility criteria
Allotee or family member should not already have a residential plot/ flats allotted by YEIDA any existing plot allotted earlier by YEIDA shall debar any applicant if it is successful in the present draw or applies for the present scheme, the brochure showed.
Authority will allot Flats/plot to one family only once whether they keep the flats/plot as it is or return it to the Authority, family means his/her spouse or his/her minor dependent children, it showed.
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Under the general category, the applicant/co-applicant should be competent to contract and have attained the age of majority (18 years) on the date of issue of the scheme.
All Indians/Non-Resident Indians who are neither in any way prohibited by the Government of India nor by U.P. Government under any specific rules to purchase any immovable property in U.P., shall be eligible to apply.
Eligible persons can only apply for one plot under this scheme of any category. Those who have been already allotted residential plot/ flat in any scheme are not eligible to get allotment under this scheme. If it is found at a later stage that an applicant/ Co applicant, his/her spouse or his/her minor dependent children has obtained more than one plot/flats, then all his / her application / allotment will be cancelled and the total deposit money shall be forfeited by the authority, it showed.
Applicant can apply in joint name (co- applicant) only if it is immediate family (mother/father/brother/sister/ son/ daughter/ husband/ wife) with proof of family relation. Other than these relations cannot apply, the brochure showed.
Applicant his/ her spouse both can participate in the scheme. In case both of them are allotted plots, then, within one month of date of allotment, one of the plots should be surrendered by the applicant husband or wife. If after one month of allotment it is found that the applicant husband and wife are in allotment of more than one plot, and they have not surrendered the extra plot allotted the spouse then allotments of both husband or wife shall also stand cancelled for reason of deliberately hiding fact, it showed.
Period of construction
The allottee/ lessee will have to complete the construction as per YEIDA building regulations and obtain occupancy certificate from the Authority within three years from date of execution of Lease Deed.
In case the lessee does not construct the building within prescribed time period, the extension of time can be granted on payment of extension charges at the following rates: 4% of the total premium of plot for the first year; 5% of the total premium of plot for second year;6% of the total premium of plot for third year and beyond 3 years โ 4% of sector rate per sq m, the brochure showed.
