YEIDA declares 3-year zero period

The Yamuna Expressway Industrial Development Authority (YEIDA) board on Monday declared a zero period of three years from October/November 2013 to October/November 2016, seven years after they were allotted land by the Authority. During a zero period, no interest is levied on land allotment charges. The move has come as a major relief to over 8,500 allottees According to officials, allottees of YEIDA’s 2009 residential scheme, who have not paid their instalments and were being charged penal interest, will now have the interest of the zero period waived off, and the amount adjusted in future payments. Meanwhile, those who are paying in regular instalments will now be able to clear their payments up to 2019. More than 8,500 defaulter allottees will benefit from this amnesty scheme, while the move will cost YEIDA nearly Rs 650 crore. In July, the Authority had waived interest rates on a special payment plan for these allottees. Allottees who had paid 75% towards their property were at the time allowed to pay the balance 25% amount in one instalment and avail it without paying any penal interest. According to officials, the move comes as an effort to put people first. YEIDA chairman Prabhat Kumar said, “Farmers of nearly 77 villages in the area have been agitating for a hiked compensation of 64.7% for their acquired lands. In August 2014, the UP government had directed YEIDA to pay enhanced compensation to farmers.” Kumar said that allottees can now pay through instalments up to November 2019. “Allottees also have the option of doing so up to the time of possession, or whichever is earlier,” the chairman said.