YEIDA introduces OTS policy

In a major relief to plot allottees, the Yamuna Expressway Industrial Development Authority (YEIDA) has brought a one-time settlement (OTS) policy for defaulting allottees of industrial, institutional, and residential plots in its area.

The policy was introduced in February 2021 to help recover dues from allottees who have defaulted on their payments for their plots. The scheme allows the allottees to settle their outstanding dues by paying a lump sum amount, which is lower than the actual amount due. It is applicable to allottees who have defaulted on payments for more than six months and are willing to settle their dues voluntarily.

Under the OTS policy, the YEIDA has waived off interest and penalties on the outstanding dues, which in some cases can be significant. The policy also provides an opportunity for defaulting allottees to regularize their plots and avoid cancellation of their allotment.

The YEIDA has stated that the OTS policy is a one-time opportunity for defaulting allottees to clear their dues and avoid legal action by the authority. The policy is expected to help the YEIDA recover significant amounts of outstanding dues, which can be used for the development of the area and its infrastructure.

The CEO of the Yamuna Expressway Industrial Development Authority said, "After we gave a presentation about the investment options available in areas around the Noida International Greenfield Airport project along the Yamuna Expressway, many businessmen signed memorandums of understanding totalling Rs 6,300 crore. We have invited businessmen interested in investing in Uttar Pradesh to visit the region and set up their businesses. We hope that the visit will help attract investors to this region."

YEIDA Chief Executive Arun Vir Singh, who is also the CEO of Noida International Airport Ltd (NIAL), said it received 2,593 applications and it will bring in revenues of Rs 416 crore. And by offering rebate over the compounded amount, the authority will pass on benefits amounting to Rs 350 crore to the plot owners.

Out of the 38,000 allottees who had taken units along the Yamuna Expressway, the scheme was introduced to cater to 32,000 allottees. The authority officials said that several industrial allottees and residential allottees, who could not be offered land due to legal issues, have been offered zero period benefits in the past, and did not avail the OTS scheme.