YEIDA to register 800 plots if buyers pay for farmers’ aid, Real Estate News, ET RealEstate
NOIDA: Yamuna Expressway Industrial Development Authority (YEIDA) has said it will execute registry of plots in an NRI Township project off the expressway if buyers — who have been waiting for 13 years — paid for additional compensation for farmers and lease rent.
The 800-odd buyers have also been asked to get an NOC from the builder — SDS Infracon — which they say is the bone of contention.
Officials said the registries of these 800 plots were frozen after the developer failed to clear dues amounting to Rs 700 crore.
There are more than 1,400 plot buyers who invested in the township, which is set to come up on 125 acres in YEIDA Sector 26A, 13 years ago. The registry of about 600 plots were executed between 2011 and 2015 after the builder claimed internal development work, such as the construction of roads, drains, and other basic facilities, had been completed.
The buyers, however, alleged that the township — which boasted of medical and educational institutions and a full-fledged commercial complex within its premises — still lacked electricity and water connections. As of now, only a few families have been living there as the area lacks basic amenities such as proper roads and electricity.
Earlier this year, the Authority had told the buyers of 600-odd plots that were already registered that they could get the layouts of their houses approved if they paid for 64.7% additional farmers’ compensation and lease rent.
But few buyers showed interest in the offer.
According to the buyers of all 1,400 plots, the farmers’ compensation that they would have to pay has increased from Rs 1,770 per sqm in 2011 to Rs 8,500 now because of the builder’s failure to clear the dues and subsequent penal interest.
The plot buyers have also cited an NOC issued by SDS Infracon in Oct last year, when it said that buyers must also pay all the penalties imposed on the company apart from farmers’ compensation and lease rent. This will considerably fatten up the amount to be paid by each buyer to get the registries executed, they alleged.
“Demands for any further amount towards additional farmers’ compensation (64.7%), including the proportionate land cost of the common area, interest, if any, or towards any other head, shall also be payable by the allottee proportionately, and the allottee may pay the same directly to the authority,” one such NOC issued by the developer said.
Tarun Sharma, general secretary of the NRI Township Yamuna Plots Owners Association, said, “We welcome the decision of the Authority to resume registry of plots and allow map approvals. But the bone of contention is getting an NOC from the developer.”
Sharma said the builder was trying to transfer his liabilities, amounting to Rs 700 crore, to the buyers on the pretext of issuing an NOC.
The AOA said YEIDA should come up with a policy for the builder that is supposed to issue the NOC so that buyers could come out of the fear of liability.
