The Yamuna Expressway Industrial Development Authority (YEIDA) has introduced a new residential plot scheme coinciding with Diwali 2024, offering approximately 400 plots in Sector 24A, as published by the Hindustan Times.
This initiative aims to address the growing demand for residential properties near the upcoming Noida International Airport.
The application window opened on October 31, 2024, and will remain open until November 30, 2024. The draw for plot allotments is set for December 27, 2024. The scheme primarily features smaller plot sizes, catering to buyers interested in building homes close to the airport.
Available Plot Sizes
The available plot sizes in the scheme include:
- 120 square meters (sqm)
- 162 sqm
- 200 sqm
- 250 sqm
- 260 sqm
Of the total 451 plots in Sector 24A, 372 are designated for the general category.
Residential Demand in YEIDA Area
The region around the Noida International Airport, which also includes a planned international film city, has garnered significant interest from homebuilders. Many prospective buyers see this as a prime opportunity to invest in a burgeoning urban hub, with airport operations anticipated to begin by April 2025.
In a previous scheme launched in September, YEIDA offered 361 plots near the airport, attracting over 200,000 applicants. This earlier initiative provided plot sizes ranging from 120 to 4,000 sqm, priced at ₹29,500 per sqm.
Location Charges
Additional charges apply for certain plot locations:
- 5% Location Charges: Applicable for park-facing plots, corner plots, and plots with road widths of 18 meters or more.
- The maximum location charge for any single plot will not exceed 15% of the premium.
The base rate for the residential plots under this new scheme is set at ₹25,900 per sqm. Any changes to the rate due to revisions by the authority or increased acquisition costs will be the responsibility of the allottee.
Allotment Process and Eligibility Criteria
Allotment will occur via a draw of lots, conducted separately for each category. Eligibility criteria include:
- Applicants must not already possess a residential plot or flat allotted by YEIDA.
- Only one plot may be applied for under this scheme, with joint applications allowed only from immediate family members.
- All applicants must be at least 18 years old and legally competent to contract.
In cases where both spouses apply and are allotted plots, one must be surrendered within one month of allotment. Failure to do so may result in cancellation of both allotments.
Construction Timeline
Allottees are required to complete construction in accordance with YEIDA building regulations and obtain an occupancy certificate within three years from the date of the lease deed execution. Extensions can be granted for construction delays, subject to payment of additional charges:
- First Year: 4% of total plot premium
- Second Year: 5% of total plot premium
- Third Year and Beyond: 6% of total plot premium
YEIDA’s new housing plot scheme presents a timely opportunity for prospective homeowners looking to invest in a rapidly developing area.