The Yamuna Expressway Industrial Development Authority (YEIDA) has launched a new housing scheme offering over 1,200 affordable flats in Sector 22D, near the upcoming Noida International Airport. The scheme includes 1BHK and 2BHK units, with various pricing options and flexible payment plans. Possession is granted after a minimum payment of 30% of the total premium, and an Apartment Owners Association will manage maintenance after two years. Strict guidelines ensure the flats are used for residential purposes, highlighting the importance of compliance for potential homeowners.
The Yamuna Expressway Industrial Development Authority (YEIDA) has introduced a new housing scheme that provides over 1,200 flats in Sector 22D, located off the Yamuna Expressway, near the upcoming Noida International Airport. The allotment of these flats is based on a "first come, first serve" basis. The scheme began earlier this week and will run until March 31, 2025, or until all units are allocated. It features three types of flats. Among them, there are 276 affordable 1BHK flats, with a total area of 29.8 sqm and a usable living space of 21.6 sqm. The pricing for these flats is set at INR 23.4 lakhs for ground-floor units and INR 20.7 lakhs for those on the first, second, and third floors.
Additionally, there are 713 1BHK flats available in four-storey buildings, featuring a total area of 54.7 sqm and a living space of 37 sqm, priced at INR 33 lakhs. Furthermore, in buildings that rise up to 16 floors, 250 2BHK flats will also be offered, each with a total area of 99.9 sqm and a living space of 64.7 sqm, priced at INR 45 lakhs.
To apply for this scheme, interested individuals can submit an online application through the Yamuna Expressway Authority website. They will need to pay a non-refundable registration fee of INR 600, along with an earnest money deposit (EMD) of 10% of the total premium for the selected flat. Applicants must be Indian citizens aged over 18 and should not have received any other flats or plots from YEIDA previously. Joint applications with immediate family members are permitted.
YEIDA will provide initial maintenance for the flats for two years after possession, after which an Apartment Owners Association (AOA) will be established to manage the complex. Allottees will need to contribute to a maintenance corpus fund, with amounts ranging from INR 50,000 for affordable 1BHK flats to INR 150,000 for the 2BHK units. Participation in the AOA is mandatory for all allottees, in accordance with the UP Apartment Act 2010. Payment options include a one-time payment plan, which offers a 2% discount on the total premium if the payment is made within 60 days of receiving the letter of intent (LOI). Alternatively, under the instalment plan, buyers can pay 30% of the total premium upfront, with the remaining 70% payable over five years in ten half-yearly instalments, subject to an interest rate of 10% per annum.
Possession of the flat is granted after the execution and registration of the lease deed, which can only occur once a minimum of 30% of the total premium has been paid. If a buyer chooses to surrender the flat before receiving the letter of intent (LOI), the earnest money deposit (EMD) will be refunded after a deduction of INR 10,000. Should the flat be surrendered within 30 days after the LOI is issued, 10% of the EMD will be forfeited, while the remaining amount will be refunded without interest. However, if the flat is surrendered after 30 days of allotment or if the allotment is cancelled due to defaults or non-compliance with regulations, the entire deposit will be forfeited.
Guidelines and restrictions under the scheme stipulate that flats must be used strictly for residential purposes. No structural changes or alterations can be made without prior permission from YEIDA. Additionally, buyers are not allowed to display posters or advertisements on the exterior walls of the building.
YEIDA's new housing scheme offers a range of affordable flats in a prime location near the Noida International Airport, catering to diverse needs. With flexible payment options and a structured maintenance plan, it presents an attractive opportunity for potential homeowners. However, adherence to guidelines is crucial, as allottees must ensure compliance with regulations and maintain the residential integrity of the flats. This initiative not only promotes homeownership but also contributes to the development of the region, making it a promising venture for future residents.
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