YEIDA Offers Relief for Stalled Projects
The Yamuna Expressway Industrial Development Authority (YEIDA) has rolled out two policies that can be availed by construction companies by August 31 in an attempt to revive stalled projects in the region. The decision to offer restoration and reschedulement policies was taken during the YEIDA board meeting held on June 28. Under the reschedulement policy, a builder will have to pay 5% of the due amount upfront. Once a revised repayment schedule is fixed, the developer will have to shell out an additional 5% of the due amount to YEIDA. To restore a cancelled plot, a developer will have to pay 10% of the current land premium to the authority. All payments have to be made by August 31 and applications seeking restoration of plots would be discussed in the next board meeting. “Developers and construction companies will have to pay a certain amount upfront. We will process the applications once we get the minimum amount and then, we will issue a revised payment schedule for them,” YEIDA chief executive officer Arun Vir Singh said.
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