The Yamuna Expressway Industrial Development Authority (YEIDA) is contemplating a two-week extension for its group housing scheme, following a subdued response from potential bidders. Officials familiar with the matter disclosed that the move aims to garner increased participation in the scheme.
Launched on September 27, 2023, the scheme encompasses six group housing plots situated in sector 22D along the Yamuna Expressway. Sector 22D is approximately 20-25 km away from the upcoming Noida International Airport in Jewar. The original deadline for scheme applications was set for October 27.
A YEIDA official, who requested anonymity, cited the extension rationale, stating that fewer than three applications were received for each of the six plots featured in the scheme. According to the stipulations, a minimum of three applications is required for each plot to progress to the subsequent stage of e-auction.
“The current status indicates that only one application has been received for each of the six plots. To advance to the next allotment stage, we need a minimum of three bidders for each plot. Consequently, we are considering extending the group housing scheme deadline by a week or two,” explained the official.
He further noted that several potential applicants, unable to submit their applications within the original timeframe, have requested an extension. The official expressed optimism that this extension would attract more bidders. Notably, the last time YEIDA allocated group housing plots was in 2014. After a hiatus of nine years, the Authority reinitiated the scheme in May of this year, offering three group housing plots. However, no bidders participated, leading to a re-launch of the scheme in September 2023, this time featuring six group housing plots.
Under the scheme, these plots are available in various categories, ranging in size from 20,000 square meters (sqm) to 40,000 sqm. The reserved price for the plots varies between Rs 61.5 crore and Rs 135.3 crore, depending on size and location. The reserved bidding rates range from Rs 30,750 per sqm to Rs 33,825 per sqm.
According to officials, stringent eligibility criteria have been set for potential bidders, including the exclusion of defaulting builders or those with substantial prior dues from participating in the scheme.