Yamuna Expressway Industrial Development Authority (YEIDA) Facilitates 4,000 Property Registrations Across Three Projects
The Yamuna Expressway Industrial Development Authority (YEIDA) has taken a step towards resolving the long-standing issue of stalled housing projects by facilitating nearly 4,000 property registrations and granting ownership rights to numerous homebuyers. This decision comes in the wake of an agreement reached by three prominent developers, who have committed to paying an initial 25 percent of their outstanding dues to the authority, as confirmed by officials familiar with the matter.
According to officials, developers owe approximately Rs 44,700 crore to the authorities in Gautam Budh Nagar, with the dues for the Yamuna Expressway Authority standing at Rs 4,700 crore. The developers who have agreed to pay 25 percent of their dues include ATS, Greenbay, and Logix.
The initiation of these registries follows the implementation of the Uttar Pradesh government's scheme aimed at reviving stalled projects, a strategy formulated based on the recommendations of the Amitabh Kant Committee on stuck housing projects. Under this scheme, builders have opted to participate, signalling a collaborative effort to address industry challenges and provide relief to affected stakeholders.
The housing projects in question are strategically located along the Yamuna Expressway, near the renowned Formula One Budha International Circuit and Jaypee Sports City. Furthermore, these projects enjoy close proximity to the upcoming Noida International Airport in Jewar, enhancing their appeal to potential homebuyers. The completion of these registries is great news for thousands of individuals who have eagerly awaited ownership rights in these developments. Previous delays in registry issuance, attributed to the non-payment of dues by developers, have hindered the progress of these projects, causing uncertainty among stakeholders.
YEIDA's proactive approach in facilitating these registries underscores its commitment to streamlining processes and resolving outstanding issues in the real estate sector. As the authority continues to implement measures aimed at expediting the completion of stalled projects, homebuyers can expect accelerated progress towards securing their rightful ownership rights.
These recent developments signify a positive shift in the real estate landscape along the Yamuna Expressway corridor, instilling confidence among developers, investors, and homebuyers alike.
