Home buyers given option to take refund with interest at Greater NOIDA

GREATER NOIDA: The Yamuna Expressway Industrial Development Authority (YEIDA) will allow more than 1,000 allottees of two group housing schemes initiated in 2013 and 2014 to surrender their investment within 90 days if they choose not to wait for their houses till 2019. In such a case, allottees who have deposited their instalments against the properties will also be paid an annual interest of 6%. Allottees have been given up to April 30 to decide.

YEIDA had promised to hand over possession of the homes in February and December 2017, respectively. However, owing to farmers agitating for enhanced compensation for their acquired land and no construction companies coming forward to build, the housing projects are facing a delay of two years or more.

According to YEIDA officials, the decision to address the home buyers’ issues was made by a joint Board of the three development authorities governing Noida, Greater Noida and YEIDA areas on March 14. “We have been getting scores of RTIs from allottees who are trying to get information about the status of their homes and the likely dates of possessions of their flats,” said Arun Vir Singh, CEO, YEIDA.

“Allottees have been requesting us to help them out and also suggested that if YEIDA was unable to complete the projects in the stipulated time then the money deposited against allotted properties be refunded with interest,” he told TOI.

According to Singh, one of the schemes BHS-02 floated in 2013 had allotted two types of flats. Four-floor 1BHK homes on stilts measuring 54.75 square metres and 16-floor 2BHK flats measuring 99.86 sqm. “In the IBHK category, we allotted 1,329 flats out of 1,818 available in February 2014. These flats are under construction in Sector 22D. In the 2BHK category, we allotted 975 of 1,248 in the 2BHK category. The construction of these flats is yet to start,” Singh said.

“In the second scheme BHS-03 floated in 2014 the two categories of flats was similar to the BHS-02. While of 1,150 1BHK flats, 304 were allotted, which are under construction, 162 were allotted 2BHK flats from 570 available on December 30, 2014. This category of flats is also yet to commence construction,” Singh said. “According to the agreement, the possession of flats was to be offered to allottees within a period of three years from the date of the allotment letter, which is February 2017 and December 2017, respectively,” he said.

Singh said that in scheme BHS-02 and BHS-03, 54.75-sqm 1BHK flats totalling 1,552 (1,248 + 304) are 50% complete.

“In the case of 1,137 (975 + 162) 2BHK flats measuring 99.86 sqm in both schemes we are yet to complete the tender process even though the project has been vetted by IIT-Delhi. Despite initiating the tender process twice, there have been no takers for the construction of the flats,” the CEO said. “It appears that the projects are likely to face a delay of about two years,” he said. “We have thus informed the status of flats to the property owners and offered them the facility to withdraw from their projects and surrender their plots back to the authority,” he said.Allottees interested in taking up YEIDA’s offer need to submit an application to the authority. “Ninety days after YEIDA accepts the surrender of allotment in writing, allottees will be able to take a refund of their money in addition to a 6% interest,” Singh explained.

Scheme Initiated Category Size of flat (in sqm) Flats allotted

BHS-02 2013 2BHK 99.86 975

BHS-03 2014 2BHK 99.86 162

Credits ET Realty

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