The upcoming YEIDA board meeting aims to address critical issues affecting homebuyers and infrastructure in the Yamuna Expressway region. Key agenda items include potential regulations to shift common area costs from homebuyers to developers, simplifying payment processes for unfinished projects, and extending construction deadlines. The board will also deliberate on enhancing maintenance standards and infrastructure connectivity, including constructing ramps and reviewing land allotment schemes. These decisions are pivotal for improving residential conditions, relieving financial burdens, and ensuring sustainable development in YEIDA's jurisdiction.
The Yamuna Expressway Industrial Development Authority (YEIDA) is gearing up for a crucial board meeting later this month. The agenda is packed with items aimed at resolving issues faced by homebuyers, addressing stalled projects, and improving infrastructure.
A proposal with a significant impact on homebuyers involves the cost of common areas in group housing projects.YEIDA is considering a regulation that would require builders to shoulder all expenses related to common areas like parks, playgrounds, and community centers. This could potentially save homebuyers a substantial amount of money, as these costs are often transferred to them by developers, leading to financial burdens.
YEIDA currently offers a solution for homebuyers in unfinished projects. They can directly pay lease rent and additional farmer compensation to the authority. However, obtaining a No Objection Certificate (NOC) from their developers often proves to be a hurdle, hindering this option. The board will decide whether to eliminate the NOC requirement entirely or initiate talks with builders to streamline the NOC process, making it easier for homebuyers to make direct payments.
Another key point on the agenda is project completion deadlines for plots. YEIDA will consider extending the deadline for plot owners to finish construction, offering some relief for those facing delays. Additionally, the board may propose a regulation making contractors liable for a project's maintenance for five years after completion. This could significantly improve the quality of construction and address the current lack of effective maintenance mechanisms.
The meeting will also discuss plans to construct ramps connecting Film City to the Yamuna Expressway for a total cost of INR 20 crore. This improved accessibility would benefit residents in sectors 18 and 20. Land allotment schemes are also up for review, including those for smaller plots (around 30sqm) and commercial spaces like milk and vegetable booths in residential sectors. Finally, YEIDA will consider handing over the construction of a crucial interchange connecting the Eastern Peripheral Expressway with the Yamuna Expressway to the National Highways Authority of India (NHAI).
Suraksha Group, which took over stalled projects from Jaypee Infratech Ltd (IL), will present their payment plan for farmer compensation. Their proposal includes a reduced initial installment of INR 490 crore instead of the required INR 133.5 crore. However, this comes with several conditions, including YEIDA's assurance to not challenge court orders and withdrawal of existing legal disputes. The board will also consider YEIDA's own investment of INR 355 crore to support project progress.
This YEIDA board meeting carries significant weight for homebuyers, developers, and the overall development of the area. The decisions made will impact project completion timelines (potentially providing an extension), financial burdens on residents (through potential changes in common area cost allocation), and the quality of infrastructure in YEIDA's jurisdiction (through improved maintenance and construction standards).
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