Land acquisition issues not a problem: YEIDA
Expressway Authority CEO says new plot scheme to be launched in land parcels already in its possession
Santosh Kumar Yadav, chief executive of f i cer of Yamuna E x p r e s sw ay I n d u s t r i a l Development Authority ( YEIDA) explains why he thinks that areas along the Expressway present excellent opportunities for homebuyers. We have aligned the launch of the scheme with the present market trends in the realty sector, which is of affordable housing. Today, according to me, the recession in real estate sector is because of excessive launch of residential projects for the middle and upper middle class segment. Hundreds of these residential apartments are lying vacant everywhere, be it Noida, Greater Noida or Noida Extension. On one hand we are saying that we need 20 million houses in the country to accommodate people while on the other hand lakhs of flats are lying vacant in Delhi NCR. We need to think in a realistic manner as to why this is happening. In my view, one person has bought multiple flats for the purpose of investment while the actual end-users have remained onlookers. Now, for the first time, we have decided to keep the price tag affordable to enable a large number of people to participate in it. After a lot of deliberations, we came up to a conclusion that as far as areas under YEIDA are concerned, if a plot size which varies between 120 sq m to 162 sq m is priced at around 14,000 per sq m, it will attract people from the affordable segments. An applicant, if he becomes a successful allottee, gets a plot for ₹ 17 lakh, something unthinkable any-
where in Delhi NCR. Yes, it’s the need of the time. YEIDA needs money to run its affairs. We are facing a funds crunch and that’s the best way to attract the potential buyers – Keep the price so realistic and affordable that actual buyers find our offer irresistible. I have decided to work on the affordability factor because I have seen the writing on the wall. Today, if you don’t cater to the requirement of end-users, you will find it difficult to survive.
Private developers need t to understand that if they want to survive in this highly competitive and buyer-driven market, they have to be keep the price realistic. The sooner they realise it, the better it is for their survival.
Yes, it describes YEIDA’s vision. I can give you ample reasons why we are claiming so. We are the only development authority in the country to have such a beautiful expressway which touches one of the seven wonders of the world, ie, Taj Mahal in Agra and one of the most religious places of the country, Mathura and Vrindavan. Not only that, we are the only development authority in the country to have 5,000 acres of virgin land on both sides along the expressway. We are in a position to implement best development practices from other development areas such as Noida, Greater Noida and other upcoming areas of the country.
For instance, Le Corbusier had planned Chandigarh on a grid pattern, and we have followed that. Sooner or later, an airport will come up in this area. I have signed an MoU for a high speed metro which will run parallel to the expressway from Jewar to Greater Noida. It will go up to Agra in future when our financial strength improves. YEIDA is situated on the bank of the Yamuna river. Big and mega industries are coming to these areas. Before the whole area is inhabited, I am looking at integrated multimodal transport planning so that proper demarcation for metro to bus to auto to rickshaw to even pedestrians can be done. That’s the reason why I call it a ‘Gen next area’.
This is my commitment to 21,000 plot owners that till January 1, 2016, I will hand over possession to all of them. I am going to start the process of handing over ownership rights from Diwali onwards and in the next two to three months, this process will be completed. The Authority is aware of the problems that plot owners have faced in the past due to land acquisition issues but now those challenges are no more in the way of our development of the area. We have learnt from our past experiences and that’s why we have decided to launch a scheme on those parcels which are fully in our possession. We don’t want allottees to face any harassment.