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YEIDA rolls out amnesty scheme to revive stalled projects

By Rishabh Chamoli | 2022-10-13

In an attempt to revive stalled projects, the Yamuna Expressway Industrial Development Authority (YEIDA) has rolled out two re schedulement and restoration schemes for the construction companies, which can be availed by August 31, 2021.

Under the re schedulement policy, a builder will be required to pay five percent of the total due amount upfront. Once the revised repayment schedule is fixed according to the policy, the developer will be required to deposit another five percent.

The YEIDA has also provided an opportunity to restore the cancelled plots. To restore a cancelled plot, the developer will be required to pay 10 percent of the current land premium to the authority.

The window to make the requisite payments will remain open till August 31, 2021. However, the decision regarding the restoration of cancelled plots will be taken at the forthcoming board meetings.

As per an estimate, the developers who had taken land from the authority construct buildings owe over Rs 4,000 crore. At present, over 10 group housing schemes and townships are in different stages of construction.

According to Arun Vir Singh, Chief Executive Officer, YEIDA, Construction firms and developers will have to pay a certain amount and the applications will be processed accordingly. Once the minimum amount is deposited, a revised payment schedule will be issued for the concerned parties.