Yeida Increases Land Booking Amount To 40%

With rising instances of payment default by developers, the Yamuna Expressway Industrial Development Authority (Yeida) has decided to tighten rules. In a meeting held on November 26, the authority decided that developers will now have to pay 40 per cent of the total land cost upfront instead of the current 30 per cent to purchase land. The entire amount will have to be paid within five years after the allotment as against the earlier eight-year time limit.

These new rules will be applicable to all townships project, builders’ projects and commercial projects. For individual land buyers, the existing rules apply.

In a relief of sorts though, the authority has decided not to increase land allotment rates in 2018-19.

In the same meeting, the Yeida has also decided to go tough on insolvency-hit Jaypee Group and directed the company to either pay Rs 108 crore by December or face cancellation of the land on which it has built the Buddh International Circuit. The company owes the authority a total of Rs 2,600 crore for the entire one-hectare land parcel. Till the company provides all facilities, the authority has also empowered officials not to allow an increase in toll tax on the Yamuna Expressway, which is operated by Jaypee Infratech.