YEIDA discharges plot allottees and declares 3-year no interest period

“ A major relief to 8,500 allottees after Yamuna Industrial Development Authority (YEIDA) declares a no interest period of three years from October/November 2013 to October/November 2016, few years after the allotment by the Authority” as quoted by TOI. The YEIDA's 2009 residential scheme allottees, who have not paid their instalments and were being charged penal interest, will now have the benefit of the no interest period waived off, and the amount adjusted in future payments. At the moment, allottees who are paying in regular instalments will now be able to clear their payments up to 2019. More than 8,500 defaulter allottees will benefit from this amnesty scheme, while the move will cost YEIDA nearly Rs 650 crore, officials said.

In July, the YEIDA had waived off interest rates on a special payment plan for these allottees. Allottees who had paid 75% towards their property were at the time allowed to pay the balance 25% amount in one instalment and avail it without paying any penal interest.

According to officials, the move comes as an effort to put people first. YEIDA chairman Prabhat Kumar said, & quot Farmers of nearly 77 villages in the area have been agitating for a hiked compensation of 64.7% for their acquired lands. In August 2014, the UP government had directed YEIDA to pay enhanced compensation to farmers.& quot

Kumar said that allottees can now pay through instalments up to November 2019. & quot Allottees also have the option of doing so up to the time of possession, or whichever is earlier,& quot the chairman said. Plot allottees are happy with the decision taken by YEIDA.“ This is the first time that the Yamuna Expressway authority has provided some relief to us. It was long overdue because it is the fault of the government, not allottees. It is a big relief to us. Now we can pay remaining plot dues on possession or 2019 whichever comes first,” said Alok Singh, a plot allottee.