YEIDA Launches New Residential Plot Scheme Near Noida International Airport

The Yamuna Expressway Industrial Development Authority (YEIDA) has launched an exciting new residential plot scheme this Diwali, catering to the increasing demand for housing near the upcoming Noida International Airport. This scheme offers approximately 400 plots in Sector 24A, making it an attractive opportunity for potential homeowners and investors looking to establish a presence in a growing urban area. Strategically located near the airport, this scheme aims to provide affordable and well-sized plots, making the area ideal for residential development.

Scheme Timeline and Allocation Process

The new housing scheme was opened for applications on October 31, 2024, and interested buyers have until November 30, 2024, to apply. The allocation of plots will be determined through a transparent draw system scheduled for December 27, 2024. This fair and efficient method ensures equal opportunity for applicants to secure a plot, while also maintaining a streamlined process that provides a clear path to ownership. The area surrounding Noida International Airport, along with the planned international film city, has already become a focal point for developers and homeowners alike. As the airport nears its operational date in April 2025, the surrounding YEIDA area is becoming one of the most promising residential zones, offering excellent connectivity and modern infrastructure.

Plot Sizes and Pricing

YEIDA's new plot scheme includes a diverse range of plot sizes to cater to different requirements. Available plot sizes include 120, 162, 200, 250, and 260 square meters, offering flexibility for buyers with varying preferences and budget considerations. Sector 24A, the primary location for these plots, has a total of 451 plots, of which 372 fall under the general category, opening the scheme to a wide group of potential applicants. The Authority has set the land rate at INR 25,900 per square meter, making these plots competitively priced for the developing area. Moreover, the strategic positioning of these plots near key upcoming infrastructure projects further enhances their value, making this scheme an appealing choice for homebuilders and investors alike.

Preferential Location Charges

In addition to the base plot prices, YEIDA has introduced preferential location charges for specific plot features, which allow buyers to enhance their investment with added advantages. Park-facing or green-belt-adjacent plots carry a 5% premium over the standard rate, while corner plots and plots on roads with widths of 18 meters or more also include a 5% premium. However, to ensure that these additional charges remain manageable, YEIDA has capped the total location charges at 15% of the plot premium. This thoughtful approach ensures that buyers can access well-situated plots without facing excessive additional costs, allowing for affordable and convenient residential development.

Eligibility Criteria for Applicants

To maintain the integrity of the allocation process and prevent speculative buying, YEIDA has laid down specific eligibility criteria for applicants. Key among these requirements is the limitation that applicants and their immediate family members (spouse and dependent children) should not possess any previously allotted residential plots or flats from YEIDA. Those who have already secured a residential plot or flat from YEIDA are not eligible to participate in this scheme. This restriction helps ensure that the plots are allocated to new applicants genuinely in need of residential land and prevents concentration of ownership, contributing to a more equitable distribution of housing opportunities.

Additional Requirements and Joint Application Guidelines

Applicants are required to meet several additional criteria to qualify for the draw. They must be of legal age, at least 18 years old, on the date the scheme is launched, and be legally competent to enter into contracts. Both Indian nationals and non-resident Indians (NRIs) are eligible to apply, provided they are not restricted by any specific rules set by the Indian or Uttar Pradesh government regarding property purchases in the state. Furthermore, applicants are permitted to apply jointly with immediate family members such as parents, siblings, or children, though proof of the family relationship is mandatory. Spouses can also apply separately within the same scheme, but if both are successful in securing plots, they are required to surrender one of the plots within one month of the allotment date.

Fair and Transparent Allotment Process

The allotment of plots under YEIDA’s scheme will be managed through a category-based draw system, where plot numbers are assigned randomly within each category. This process ensures a fair and transparent approach, providing all eligible applicants an equal chance to secure a plot. The random selection approach minimizes favoritism and promotes equal opportunity, making the process widely accessible to individuals across different demographics and financial backgrounds. This level of transparency and fairness adds to the appeal of the scheme, as buyers can trust that the allotment is conducted objectively.

Construction Guidelines and Extension Options

YEIDA has also outlined clear guidelines for construction on the allotted plots to encourage timely development and minimize speculative holding. Allottees are required to complete construction within three years of the execution of the Lease Deed, in accordance with YEIDA’s building regulations. If construction is not completed within the stipulated period, the Authority allows for an extension at specific rates: 4% of the plot’s total premium for the first additional year, 5% for the second, and 6% for the third year. Beyond three years, the extension fee will be calculated at 4% of the sector rate per square meter. This approach encourages genuine buyers to develop their plots promptly and supports the Authority’s goal of fostering a fully developed and vibrant residential area.

High Demand and Future Prospects

The demand for plots in the YEIDA area has continued to rise due to the strategic advantages of its location near the Noida International Airport and the burgeoning international film city. In September 2024, YEIDA’s previous scheme attracted over 200,000 applicants for just 361 plots, highlighting the region’s growing appeal. With this new scheme, YEIDA offers a fresh opportunity for buyers to participate in the development of a thriving urban hub, designed to become one of the most sought-after residential zones in the National Capital Region.