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Sunday, September 26, 2021

YEIDA gets board’s nod to earmark land for Film City

Greater Noida: The Yamuna Expressway Industrial Development Authority (YEIDA) on Tuesday took the board’s approval to earmark a land parcel off the Yamuna Expressway in Sector 21 for developing Film City, the ambitious project of the Yogi Adityanath government.
Though the Authority had already identified 220 acres for the project, the board’s approval was required before starting development work. The bid document is expected to be ready this week and the process of selecting the bidder will start after the papers are vetted by the legal department.
The 220-acre land would be developed as part of the first phase.
Among other key decisions taken at YEIDA’s second board meeting this year, the Authority decided to launch a one-time settlement scheme for allottees from October 1.
“But this time, the scheme is going to be different from what it used to be in the past. We are going to waive the compounded amount,” said Arun Vir Singh, the chief executive officer of the development authority.
Though all the three industrial development authorities in the region have been launching one-time settlement schemes, YEIDA’s plan is aimed at resolving the differences with allottees over the interest rate.
The Authority will now levy only simple interest instead of compound interest.
The simple interest that prevailed at the time of allotment will be considered to recalculate the due amount.
Shailendra Bhatia, the head of the investment cell at YEIDA, said, “If the Authority commanded 8.5% interest on the premium, it would levy 11.5% compound interest at the end of the first default. For the second, a compound interest of 14.5% was levied. Basically, the default amount was compounded every six months. We are going to waive the compounded amount and levy only simple interest.”
The officer said the due amount should come down significantly after the recalculation. The scheme, he added, would be offered up to November 30.
Sources said the move would benefit about 32,000 allottees, including real estate groups that are executing group housing projects. YEIDA’s move is likely to put pressure on the Noida and Greater Noida authorities to introduce similar schemes.
YEIDA, officials said that, it had also decided to get a drone survey done of the populated villages under its jurisdiction.
The aerial survey will identify the houses in the villages and YEIDA will issue property cards to the families with demarcated boundaries.
At the meeting, the layout of the proposed Medical Device Park was finalised too. Planned over 350 acres in Sector 28, only 90 acres will be developed in the first phase of the project.
The size of the plots in the park will be kept between 1,000 and 10,000 sqmt and 89 such plots will be on offer.
YEIDA also got an approval to launch the Data Centre Park over 100 acres in Sector 28.
Heeding to the demands of entrepreneurs and individuals who had bought industrial and residential plots along the expressway, the Authority has decided to give time till December 31 to execute lease deeds.
Moreover, an extension till March 2022 has been offered to complete construction work.


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