Although the plot scheme floated by the Yamuna Expressway Industrial Development Authority (Yeida) has only 361 plots on offer, about 187,000 applicants are pinning their hopes on securing one, in a draw of lots to be organised by the authority on October 10 at the India Expo Centre in Greater Noida.
A committee of three retired high court judges will monitor the allotment lucky draw process to ensure transparency and accountability, said Yeida officials.
Biggest lucky draw by YEIDA
Thursdayโs will be the biggest lucky draw to be organised by Yeida, in terms of applicant numbers, said officials. All 361 plots are in the vicinity of the Noida greenfield international airport that is slated to become operational by April 2025, said officials.
Yeida will allot these 361 plots ranging in size from 120 square metre to 4,000 square metre in sectors of 16, 18, 20 and 22D, along the Yamuna Expressway that connects Greater Noida with Agra.
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Prices of plots, applications and more
The authority launched this plot scheme in July and is offering plots at the rate of โน29,500 per square metre, said officials.
โWe have received overwhelming response from property buyers for this scheme, which offers an opportunity to get a plot on which an applicant can build a house in the catchment area of Noida international airport. We have three retired judges to monitor the lucky draw process that will be videographed and streamed live online to maintain complete transparency. After the allotment process is completed, we are planning to come up with another plot scheme, probably before Diwali (October 31) for those who want to buy a plot in this area,โ said Arun Vir Singh, chief executive officer of the Yeida.
Officials said Yeida has scrutinised a total of 202,235 applications and found 187,000 applications eligible for the scheme.
These 187,000 applicants have opted for a one-time payment option if alloted a plot in the lucky draw.
Yeida said in view of the exceptional response, applicants who selected instalment payments will not be considered, as this preference was specified in the scheme brochure.
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โIn the brochure, the authority made it clear that we will give preference to only those who will make a one time payment once they become successful in the lucky draw. Therefore applicants who opted for other options will not be taking part in the lucky draw. And their money will be refunded,โ said Arun Vir Singh, CEO of the Yeida.
The authority said that they have received 67,197 applications against 120 square metre size plots. It means the demand for 120 square metre plots is the highest, said officials.
It received 59613 applications against 300 square metre plots and 44,181 applications against the 162 square metre plots. And other applications were for plots of other sizes, said officials.
Yeida expects that at least 1% of the applicants will be present at the Expo Centre, where the draw of lots will be organised in an open event.
โThe remaining applicants can watch the live telecast of the draw via social media platforms. Photography and videography of the draw process of all categories will be done. The lottery process will be completed in a transparent and accountable manner,โ said Singh.
The unsuccessful applicants will get their registration amount back within 72 hours of completion of the process, said officials.
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โThe scheme has been a success because of the location of the residential sectors near Noida airport site and also world-class connectivity with Expressway and the Metro network. Also, we have offered these plots at extremely low rates as compared to other cities. No other city can offer residential plots at this rate with the infrastructure that is available in this region,โ said Singh.
