Huge response to plots scheme surprises YEIDA

A total of 10,000 applications have been sold for 900 plots under a residential plots scheme by the Yamuna Expressway Industrial Development Authority (YEIDA) which was launched a week ago. Besides this 5,000 forms have been downloaded online.

The YEIDA is promoting the scheme as an affordable option for middle class home-buyers.

The plots are located in Sector 22D, next to Buddh International Circuit along the Yamuna Expressway that connects Greater Noida with Agra. The plots range from 120 to 162 square metres (sqm), and are priced at Rs 17.04 lakh and Rs23 lakh, respectively.

Santosh Yadav, CEO of YEIDA, was quoted in the media as saying, “We truly did not expect it at a time when the realty sector is witnessing a slump. I feel that buyers are interested because we are offering plots at a cheap rate”.

According to YEIDA, first preference will be given to those buyers who can pay the total cost of the plot within 60 days of the date of allotment.

The second preference will be given to those who can pay 50 per cent within 60 days from date of allotment and the remaining in two installments within a year at a 12 per cent interest. After that will come to those who can pay 30 per cent within 60 days from the date of allotment and the remaining amount in eight equal installments in four years at a 12 per cent rate of interest.