‘Af­ford­able’ tag for Ya­muna Ex­press­way

Au­thor­ity at­tempts to in­ject life into realty mar­ket hit by slow­down by of­fer­ing 900 plots in Sec­tor 22D in the price range of 17.04 lakh to 23 lakh

HT Estates - - FRONT PAGE - Jee­van Prakash Sharma

W₹ ith the real es­tate mar­ket go­ing through a slow­down, the best way to tap po­ten­tial buy­ers, ac­cord­ing to ex­perts, is to keep the launch price of prop­er­ties re­al­is­tic and af­ford­able. At­tempt­ing to in­ject life in t he re­ces­sion- hit mar­ket, Ya­muna Ex­press­way In­dus­trial D e v e l o p m e n t Au t h o r i t y ( YEIDA) will be launch­ing a residential plot scheme on Au­gust 3, 2015, of­fer­ing 900 plots of 120 sq me­tre and 162 sq m, priced at ₹ 17.04 lakh and ₹ 23 lakh, re­spec­tively in the prime lo­ca­tion of Sec­tor 22D.

This is for the first time that YEIDA is of­fer­ing small, low-priced plots. In schemes launched in 2009 in sec­tors 18 and 20, 21,000 plots of 300 sq m each were al­lot­ted.

“We are ex­pect­ing a huge re­sponse and have de­cided to

₹ give pref­er­ence to those who can pay the to­tal cost of the plot in 60 days from the date of al­lot­ment. The sec­ond pref­er­ence will be given to those who will pay 50% within 60 days from the date of al­lot­ment and the re­main­ing 50% in two in­stall­ments within a year with 12% rate of in­ter­est. Fi­nally, pref­er­ence will also be given to those who pay 30% within 60 days from the date of al­lot­ment and the rest of the amount in eight equal in­stall­ments in four years with 12% rate of in­ter­est, says Arun Vir Singh, ad­di­tional CEO, YEIDA.

Singh says the de­ci­sion to launch this scheme has been taken keep­ing in mind the as­pi­ra­tions of the mid­dle and lower in­come groups to own plots and build homes of their choice.

De­vel­op­ment of ar­eas along the Ex­press­way has been en­vis­aged to cater both to the needs of peo­ple pre­fer­ring high-end, lux­ury ac­com­mo­da­tion and those look­ing for bud­get and af­ford­able hous­ing. The scheme is well-timed as mar­ket sen­ti­ments are not very strong and it can at­tract end-users and not in­vestors and spec­u­la­tors.

Many prop­erty con­sul­tants say such af­ford­able schemes should be launched to make Ya­muna Ex­press­way a pre­ferred des­ti­na­tion for bud­get hous­ing. “To­day, the USP of Ya­muna Ex­press­way is the wide va­ri­ety of residential op­tions at an af­ford­able range. The prices of apart­ments start from ₹ 2,800 per sq ft. Be­sides this, YEIDA has con­structed around 7,500 flats in Sec­tor 22D for the lower and mid­dle in­come groups. The au­thor­ity will start de­liv­ery from Jan­uary 1, 2016. These are af­ford­able, too, as a one -BHK unit costs around ₹ 10.8 lakh and a two BHK costs ₹ 16 lakh. YEIDA’s plots cost ₹ 14,200 per sq m, which is low when com­pared to realty prices in neigh­bour­ing ar­eas such as Greater Noida. This is the only area which is still highly af­ford­able. “Once the mar­ket re­cov­ers, prices here will ap­pre­ci­ate very fast,” says Rakeshsh Sharma fro­mom Sri Ni­was Prop­er­ties,es, a lo­cal prop­er­type­rty agent.

De­spite its prom-promis­ing re­altylty pro­file, Ya­muna Ex­press­way has been hit ad­versely by fre­quent farm­ers’arm­ers’ protests and dis­putes re­lat­ede­lated to land ac­quisi-ac­qui­si­tions. Duee to con­tin­u­ous liti-lit­i­ga­tion, de­vel­op­ment work has been se­ri­ously ham­pered over a pe­riod of time. When asked how YEIDA can guar­an­tee that pos­ses­sion will be given on time, Singh says, “Things have changed a lot since the hon’ble Supreme Court de­liv­ered its ver­dict in the Noida Ex­ten­sion mat­ter and awarded 64% ad­di­tional com­pen­sa­tion to farm­ers. We have im­ple­mented the same for­mula here and asked the farm­ers that if they with­draw their pe­ti­tions, the gov­ern­ment will

pay the ad­di­tional com­pen­sa­tion im­me­di­ately. A lot of farm­ers have al­ready ac­cepted the for­mula and with­drawn their pe­ti­tions. We hope that re­main­ing farm­ers will also fol­low the suit. Slowly and grad­u­ally de­vel­op­ment work is get­ting back on track.”

About the Sec­tor 22D plot scheme, where t he YEIDA scheme has been im­ple­mented, Singh as­sures all home­buy­ers that there is not a sin­gle ac­qui­si­tion is­sue pend­ing in any court. This sec­tor is free from all lit­i­ga­tion, land has been ac­quired and is in the Au­thor­ity’s pos­ses­sion. “We can hand over pos­ses­sion within a few months of al­lot­ment of plots,” he adds.

Lo­cal prop­erty bro­kers and even al­lot­tees of YEIDA’s pre­vi­ous residential schemes agree that the new scheme will be bet­ter than all other ear­lier schemes be­cause the Au­thor­ity has taken care of land ac­qui­si­tion re­lated is­sues in a bet­ter man­ner.

Safal Suri, pres­i­dent, Ya­muna Ex­press­way Residential Plot Own­ers’ Wel­fare As­so­ci­a­tion, an or­gan­i­sa­tion of hun­dreds of plot own­ers in sec­tors 18 and 20, says “The present scheme is bet­ter than the ones launched ear­lier as now the Au­thor­ity first re­solved the land com­pen­sa­tion mat­ter with farm­ers and then launched it. How­ever, I feel that for over­all de­vel­op­ment of the area, all com­pen­sa­tion mat­ters need to be re­solved.”

The one ques­tion needed to be asked about the scheme, how­ever is: Why would some­one ap­ply for a plot at the cost of ₹ 14,200 per sq m un­der the new residential scheme in Sec­tor 22D when plots are avail­able at ₹ 9,000 per sq m for re­sale in the old YEIDA schemes in sec­tors 18 and 20? YEIDA’s re­sponse is that the plots in the new scheme are smaller in size while in sec­tors 18 and 20 these are big­ger and in­volve more costs.

“The per square me­tre cost of big­ger plots is cheaper, but adding up all costs make them ex­pen­sive. In sec­tors 18 and 20, the min­i­mum plot size is 300 sq m while in Sec­tor 22D, the max­i­mum size is 162 sq m. Fur­ther, the USP of the new scheme is that pos­ses­sion of plots will be handed over in a few months. Another rea­son why plots seem cheaper in sec­tors 18 and 20 is that the own­ers have yet to pay the 64% ad­di­tional com­pen­sa­tion. Once that’s done there won’t be any dif­fer­ence in the price of plots in the two schemes,” says Singh.

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