Noida: Plot allottees relieved, Yeida waives off interest for three years

[अर्णब् मुखर्जी]

Noida: Plot allottees relieved, Yeida waives off interest for three years

The authority had launched the plot scheme in 2009 at a cost of Rs4,750 per square metre (sqm). The plots ranged from 300 sqm to 4,000 sqm in area.

NOIDA Updated: Sep 04, 2017 21:57 IST

Vinod Rajput 

Hindustan Times

In a major relief to 21,000 plot allottees, the Yamuna Expressway industrial development authority (Yeida), on Monday decided not to impose any penalty on those allottees who did not pay the remaining plot cost between November 2013 and November 2016.

The authority had in 2009 allotted 21,000 residential plots in sectors 18 and 20 along 165 km long Yamuna Expressway. It was supposed to give possession by 2013, but failed to do so as around 600 farmers had filed cases in the Allahabad high court, challenging the land acquisition. These cases are still pending.

“Since we failed to give possession by November 2013 as per promises made to the plot allottees, we have decided to give relief to our consumers. We have declared zero period from November 2013 to November 2016. It means in these three years, allottee will not have to pay penalty or instalments to the authority. Now the plot allottee will pay remaining plot cost either by November 2019 or when the authority will offer possession,” said Dr Prabhat Kumar, chairman of the Yeida.

The authority had launched the plot scheme in 2009 at a cost of Rs4,750 per square metre (sqm). The plots ranged from 300 sqm to 4,000 sqm in area.

Yeida charges Rs 30 interest per day on the defaulted amount.

The authority had allotted the plots through a lucky draw in 2009. YEIDA had given possession to 55 allottees in January 2017. Since then it could not give possession to other allottees due to litigation.

“We hope that we will offer possession to the allottee as soon as the court cases get over. Allottee can pay remaining plot cost either when we offer them possession or November 2019,” said Kumar.

Plot allottees are happy with the decision.

“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.

http://www.hindustantimes.com/noida/noida-plot-allottees-relieved-yeida-waives-off-interest-for-three-years/story-mH57iJUqTPqM8Lja8NoVHN.html

[Anurag Kumar]

Hi all,

This decision will apply only on  installments amt or with Enhance compensation amount.

Regards ,

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[ismehla]

Thanks for the info ;Remaining payments by Nov  2019 or on offer of possession - whichever comes 1st . 

Normally such terms are whichever comes later . 

Sent from my Samsung Galaxy smartphone.

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[Kallu Jain]

Dear Safal Ji,

What about the allottees who regularly paid instalments and interest thereon regularly between 2009-2016. As a fair deal, the authority should atleast refund the amount of interest paid to YEIDA by these allottees during the abovesaid period. Honest allottees should not be made to suffer at the cost of defaulters.  May I request you to take the matter with YEIDA at the earliest, as most of the allottees have, inspite of financial hardships,  paid their due instalments + interest regularly and mine is not an individual case alone.

PARVEEN KUMAR JAIN

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[Saradindu Basu]

Concluding portion in which highly learned Vinod Rajput wrote that "Plot allottees are happy with the decision"  is not only highly misleading but also contrary to facts. Many of paid dues in a lump-sum manner and have been paying instalments on regular basis. He must be knowing percentage of defaulters are not in good numbers. He must be knowing that only defaulters have been favoured. Decision of the authority, if true, saying "  Allottee can pay remaining plot cost either when we offer them possession or November 2019,” ," is very dangerous as per my personal view. So, we will have to wait and wait or surrender our plot in frustration. May kindly save us from the clutches of entities who are forcing us to have a painful life.

On Tue, Sep 5, 2017 at 3:30 AM, अर्णब् मुखर्जी <arn...@gmail.com> wrote:

[Dr. Karan Chauhan]

Dear Sir,
Does it mean that the normal interest they are charging along with instalments is waived ! If not then this relief is only for a small number of defaulters ! That means that the punctual majority is punished. If it waives the total interest on instalments of these years then the relief is equal to all.

[Ram]

Dear sir,
Please explain how to calculate it and elaborate its technicalities.

Thanks

[naresh bhatia]

Good news for those  fellow allottees who could not pay in this period. .

But the allot-tee who have paid full amount(100% cost of the plot) at the time of allotment  i.e in 2010  what benefits  would they get? These allot-tee have paid interest for the period  2013-16  to Bank from which home loan was taken. YEA should  pay or  adjust interest for the period 2013-16  on the  amount  paid  to these allot-tee .This issue need to be taken up..
N.C.Bhatia

On Tuesday, September 5, 2017 at 3:30:36 AM UTC+5:30, अर्णब् मुखर्जी wrote:

[naresh bhatia]

Further I understand that YEA has waived only penality for not paying   EMI  along-with interest during  2013-16..Now  these pending  EMI along with  interest  would be required to be paid by Nov.2017 .There would be not penality.

N.C.Bhatia
On Tuesday, September 5, 2017 at 3:30:36 AM UTC+5:30, अर्णब् मुखर्जी wrote:

[Luv Jain]

Dear safal ji,

Does this mean that irrespective of amount paid by the allottee, the next installment shall be paid on receiving a letter for possession or November 2019 whichever is earlier, and the payment plan on the website :no longer hold true , is that correct ?

Regards 

Luv Jain

[karan singh Chauhan]

Does this applies to the normal interest charged along the instalments of this period or to the defaulted instalments only. If it applies to the defaulters then it benefits only handful defaulters and punishes the regular paying majority. If this waver applies to the instalments paid during this period then it is gain for everyone.

pl. clarify. 

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[Ram]

Hello,
As per my understanding zero period means no interest at any cost.it does aply on both normal interest and penal interest.
But what about those who paid it in time?

Ram

[अर्णब् मुखर्जी]

Yamuna Expressway authority declares 3-year zero period, 8,500 allottees to benefit

Allottees of YEIDA’s 2009 residential scheme, who have not paid their instalments and were being charged penal interest, will now have the interest of the zero period waived off, and the amount adjusted in future payments.Vandana Keelor  |  TNN  |  Updated: September 05, 2017, 14:42 IST

http://realty.economictimes.indiatimes.com/news/regulatory/yamuna-expressway-development-body-declares-3-year-zero-period-8-5k-allottees-to-benefit/60370888 

[SanjayGupta]

Dear All Friend
I had paid in time up to 7th installment (July 2013) and at the time of 8th installment (Jan 2014) I had paid balance amount in one time. Is any benefit for me from "3 years zero period "?

[Rahul Kohli]

Dear all,

Not only this there are huge no of friends who took bank loan to pay full payments and are now in huge burden of bank interest 

They are also at the recieveing end .

Regards