Relief to allottees as Yamuna Expressway Authority cuts interest rates

Greater Noida: The Yamuna Expressway Industrial Development Authority (YEIDA) has decided to reduce the interest rates by 1.35% on instalments it receives from over 26,000 allottees against property bought from it. The Authority is also planning to cut the interest rates by another 1.15% in the near future. Chairman, YEIDA, Prabhat Kumar also released a schedule for possession of 10,500 plots and another 5,100 flats allotted in 2009.

"We do not want to keep any profits as far as the allottees are concerned. Whatever interest rate we get from banks, we will be handing over to the allottees," Prabhat Kumar said.

"We have reduced the interest rates and are in talks with banks for reducing it further," said Kumar.

"We are also getting ready to hand over possession of more than 15,000 residential plots and flats by December 2017. The first lot of 3,055 allottees have already been issued possession letters by the Authority in January and February. By the end of June, we will hand over possession to 416 allottees. Thereafter, by November 30, another 1,437 plots will be handed over and 8,156 plots in another month," said Kumar.

"We have also given an offer to plot owners to return half of their land to YEIDA. There are 123 people who have been allotted 4,000 sq meters, 292 people who have been given 2,000 sqm of plot, 1,219 who have been allotted 1,000 sqm of land," he said.

Starting June 2017, YEIDA will also start handing over possession of 5,100 residential units. "By June 30, 2,970 flats will be handed over and another 2,130 a month later," Kumar said. These plots and flats are located in sectors 18, 20, 22A and 22D.