Land ac­qui­si­tion is­sues not a prob­lem: YEIDA

Ex­press­way Au­thor­ity CEO says new plot scheme to be launched in land parcels al­ready in its pos­ses­sion

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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.

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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.

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