The Yamuna Expressway Industrial Development Authority (Yeida) plans to introduce a new policy for realtors during its upcoming board meeting. Yeida is considering waiving off the penal interest on financial dues for group housing projects along the Yamuna Expressway area. Additionally, they may offer a ‘zero period’ for housing projects affected by legal disputes between the authority and farmers.
Arun Vir Singh, Chief Executive Officer of Yeida, said, “The board is expected to discuss and decide on a one-time settlement policy for realty projects to resolve their outstanding dues. If approved, this policy will address realtors’ financial obligations, providing relief to homebuyers waiting for their units.”
The introduction of this one-time settlement (OTS) policy would exempt realtors from penal interest and waive interest accrued during the legal battles between farmers and the authority, which disrupted construction work.
Yeida had allocated housing land in 2009-10, accepting 10% as an initial payment. Despite repeated notices, many realtors failed to clear the remaining land cost. The authority imposed normal interest on the unpaid 90% and penal interest for defaults, leading to increased financial dues.
Responding to realtors’ demands, Yeida has decided to waive penal interest, benefiting around 13 realtors in the Yamuna area and approximately 7,000 homebuyers. Yeida also said that they aim to recover approximately ?9,000 crore in financial dues from these realtors engaged in realty projects.
Under the OTS scheme, the board may require realtors to make partial payments to qualify for the waiver. “Those who fail to make part payments will not benefit from the new scheme,” said another Yeida official aware of the matter, requesting not to be named.
