Hundreds of buyers in Noida's YEIDA NRI Township project await plot registry for over 13 years, encountering fresh obstacles. YEIDA mandates additional compensation for farmers and higher lease rent before resuming registry, following SDS Infracon's failure to clear INR 700 crore dues. Buyers also need an NOC from SDS Infracon, complicating matters. Despite promises of amenities, residents lack essential services. Increased farmer compensation and NOC requirements escalate financial burdens on buyers. The NRI Township Yamuna Plots Owners Association urges YEIDA to hold the developer accountable and prioritize buyer welfare. Uncertainty looms over the project's future as buyers await resolution.
Hundreds of buyers in Noida's Yamuna Expressway Industrial Development Authority (YEIDA) NRI Township project have been waiting over 13 years for a plot registry, facing a fresh hurdle despite recent developments.
YEIDA has announced it will resume the plot registry, but with a condition. Buyers must first pay additional compensation for farmers and increased lease rent. This comes after the developer, SDS Infracon, failed to clear outstanding dues totaling INR 700 crore. Adding another layer of complexity, buyers also need to obtain a No Objection Certificate (NOC) from SDS Infracon before the registry can proceed.
The project, spanning 125 acres in YEIDA Sector 26A, attracted over 1,400 plot buyers. Registry for approximately 600 plots occurred between 2011 and 2015, following claims by the developer of completing basic infrastructure like roads and drains. However, residents in these plots report a lack of essential amenities like electricity and water connections.
Buyers allege the promised amenities like medical facilities, educational institutions, and a commercial complex remain unbuilt. The additional compensation demanded by YEIDA includes a significant increase in farmer compensation, rising from INR 1,770 per square meter (sqm) in 2011 to INR 8,500 per sqm currently. This substantial hike is attributed to the developer's delay and accruing penalties.
An NOC issued by SDS Infracon in October 2023 further complicates the situation. The document states that buyers must not only cover the increased farmer compensation and lease rent, but also shoulder any penalties imposed on the developer. This significantly increases the financial burden on buyers seeking registry.
The NRI Township Yamuna Plots Owners Association (AOA) welcomes the potential resumption of registry and map approvals. However, their primary concern is the NOC requirement. General Secretary Tarun Sharma asserts that the developer is attempting to shift its liabilities of INR 700 crore to buyers through the NOC. The AOA urges YEIDA to establish a policy that holds the developer accountable and frees buyers from these additional financial burdens.
With unresolved issues regarding outstanding dues, increased costs, and NOC requirements, the future of the NRI Township project remains uncertain. Hundreds of buyers who invested over a decade ago continue to wait for their plots and the promised amenities. YEIDA and the developer, SDS Infracon, need to find a solution that prioritizes buyer welfare and ensures a fair outcome after this extended period of waiting.
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