Yamuna Expressway Industrial Development Authority will offer possession of residential plots to successful applicants within a period of 3 years from date of issue of allotment letter. You will have to take possession of plot within 60 days from the date of offer.
YEIDA Residential Plots Scheme RPS-03/2016 – Ownership and Possession of the Allotted Plots
Greater Noida (Uttar Pradesh, India), January 07, 2016
The Yamuna Expressway Industrial Development Authority (YEIDA) has launched a leasehold residential plots scheme (YEIDA Scheme Code RPS-03/2016) in Yamuna Expressway, Uttar Pradesh on January 01, 2016.
The last date for submission of application forms for the YEIDA Residential Plots Scheme RPS-03/2016 is on February 02, 2016.
The Yamuna Expressway Industrial Development Authority will offer possession of the plots to the successful applicants within a period of three years from the date of issue of allotment letter.
For the purpose of record and documentation, the Yamuna Expressway Industrial Development Authority will reckon the date of execution of lease deed as the date of taking over of possession.
Execution and Registration of Lease Deed for YEIDA Residential Plots Scheme RPS-03
The allottee will be required to enter into legal documentation (execution and registration of lease deed) and take possession of the residential plot within 60 days from the date of offer of possession or intimation to do so.
In the event of failure to take possession of the residential plot within the stipulated period, the allottee shall be liable to pay administrative charges at the rate of 1% of the total premium for the extension of one year from the due date given for the execution of legal documents.
If the allottee fails to execute the required legal documents within extended time, the Yamuna Expressway Industrial Development Authority will cancel the allotment and forfeit the deposited money.
Payment of the Documentation Charges
The allottee of residential plot will bear the cost and expenses of preparation, stamping, and registering of the legal documents and its copies and all other incidental expenses.
The allottee will also pay the stamp duty of transfer of immovable property levied or any other duty or charge that may be levied by any authority for the said plot.
YEIDA Residential Plots Scheme RPS-03/2016 – Lease Deed Execution of the Allotted Plot
Period of the Lease and Lease Rent
The Yamuna Expressway Industrial Development Authority will give allotment of Residential Plots Scheme RPS-03 plots to the allottees on a lease of 90 years.
The allottees have to pay a lease rent at the rate of 10% of the premium of the plot in lump sum before execution of lease deed and possession of the residential plot.
However, if an allottee wishes to pay annual lease rent, he or she can do so. In this case, the allottee shall have to pay 1% of the premium of the plot, in advance, every year calculated from the date of execution of lease deed.
The Yamuna Expressway Industrial Development Authority may enhance the annual lease rent by 50% after every ten years.
Execution of Agreement to Lease (ATL) for Residential Plots Scheme RPS-03/2016 Plots
The Yamuna Expressway Industrial Development Authority (the lessor) will offer the possession of plots to the allottees of YEIDA Residential Plots Scheme RPS-03/2016 within three years from the date of issue of allotment letter.
The allottee will be required to enter into legal documentation (i.e. execution and registration of lease deed) and take possession of the plot within a period of 60 days from the date of offer of possession or intimation to do so.
In the event of failure to do so, allottee shall be liable to pay administrative charges at the rate of 1% of the total premium for the extension of one year from the due date given for the execution of legal documents. However, if the allottee fails, to execute legal documents within the extended time, the Yamuna Expressway Industrial Development Authority shall take the action for cancellation of allotment and forfeiture of deposited money.
An allottee of the YEIDA Residential Plots Scheme RPS-03/2016 plot has to execute an Agreement to Lease (ATL) and get it registered with Sub Registrar, Gautam Budh Nagar, within six months from the date of allotment as per provision of Uttar Pradesh Government Notification No. 3066/11-5-2009-500(100)/2008 dated 12-6-2009. Or else, the allottee shall have to pay stamp duty at prevailing circle rate at the time of execution and registration of the Lease Deed of the plot.
Payment of the Documentation Charges for Agreement to Lease
The allottees of residential plots in the YEIDA Residential Plots Scheme RPS-03/2016 will pay the cost and expenses of preparation, stamping, and execution of the Agreement to Lease and its copies and all other related expenses.
YEIDA Residential Plots Scheme RPS-03/2016 – Surrender or Cancellation of the Allotted Plot
Surrender of the Allotted Plot
The Yamuna Expressway Industrial Development Authority will allow surrender of your residential plot in YEIDA Residential Plots Scheme RPS-03/2016 to the Authority, subject to the certain terms and conditions.
1. If applicant surrenders before lottery draw of lots is held, the Yamuna Expressway Industrial Development Authority will refund the entire Registration Money Deposit without interest.
2. The Yamuna Expressway Industrial Development Authority will not entertain any withdrawal of application after the final publication of eligibility list.
3. In case the applicant surrenders after the lottery draw of lots is held, but the allotment letter is issued, the Yamuna Expressway Industrial Development Authority will deduct Rs. 10,000 from the Registration Money Deposit, the balance amount shall be refunded without any interest thereon.
4. In the case of surrender at any time after allotment but before the execution of lease deed, then after deducting an amount equivalent to the Registration Money Deposit, the balance shall be refunded to the applicant without any interest thereon.
5. In the case of surrender at any time after the execution of lease deed then out of the deposited amount, an amount 30% of the total premium of the plot shall be deducted, and the balance shall be refunded to the applicant without any interest thereon.
6. In case, the applicant fails to deposit the due amount for his or her residential plot within the stipulated time, allotment will be liable for cancellation. In case of such cancellation, the Yamuna Expressway Industrial Development Authority will forfeit the money so deposited until the date of cancellation.
7. The Yamuna Expressway Industrial Development Authority will count the day of surrender of your allotment on the date on which application is received in the Authority office. The Authority will not entertain any subsequent claim based on a postal certificate.
YEIDA Residential Plots Scheme RPS-03/2014 – Cancellation of the Allotted Plot
The Yamuna Expressway Industrial Development Authority shall be free to exercise its rights of cancellation of allotment of a plot, subject to the specific clauses relating to cancellation.
1. If an applicant has obtained the allotment through misrepresentation or suppression of material facts, the Yamuna Expressway Industrial Development Authority shall be free to cancel allotment of the plot.
2. If an applicant has violated directions issued, or rules or regulations framed by the Yamuna Expressway Industrial Development Authority or by any other statutory body, the Authority shall be free to cancel allotment of the plot.
3. If there is default on the part of the applicant or allottee for breach or violation of terms and conditions of registration or allotment or non-deposit of allotment amount, the Yamuna Expressway Industrial Development Authority shall be free to cancel allotment of the plot.
In the event of cancellation, under sub-clause 1, 2, and 3 given above, the Yamuna Expressway Industrial Development Authority will forfeit the entire deposits until the date of cancellation and the Authority will resume possession of the residential plot with structure thereon, if any, and the allottee will have no right to claim any compensation thereof.
YEIDA Residential Plots Scheme RPS-03/2016 – Mortgage of the Plot for Raising Loan
If an allottee of YEIDA Residential Plots Scheme RPS-03/2016 desires to mortgage his or her residential plot for raising loan, they can do so after execution of lease deed, provided they take prior consent of the Yamuna Expressway Industrial Development Authority (the lessor).
The Yamuna Expressway Industrial Development Authority will give permission for mortgaging his or her residential plot to any scheduled bank or financial institution for raising loan subject to certain terms and conditions.
1. The plot owner will need to apply to the Yamuna Expressway Industrial Development Authority for granting permission to mortgage his or her residential plot. The Authority will decide these terms and conditions at the time of giving permission for mortgage.
2. In the event of sale or fore closure of the mortgaged or charged property, the Yamuna Expressway Industrial Development Authority shall be entitled to claim and recover such percentage, as decided by the Authority, of the unearned increase in the value of said land as first charge, having priority over the said mortgage charge. The decision of the Authority in respect of the market value of the said land shall be final and binding on all the parties concerned.
3. The Yamuna Expressway Industrial Development Authority shall have preemptive right to buy the mortgaged or charged property after deducting such percentage as decided by the Authority of the unearned increase as aforesaid.
4. The Yamuna Expressway Industrial Development Authority’s right to the recovery of the unearned increase and the preemptive right to buy the property as mentioned herein before shall apply equally to involuntary sale or transfer, be it by or through execution of decree of insolvency or court.
5. The Yamuna Expressway Industrial Development Authority shall not allow making any specification changes in residential plot to the allottee (lessee).
6. In case, there is any violation of a regulation or direction, if not compoundable, the Yamuna Expressway Industrial Development Authority will rectify the defect. In such a situation, the Authority will recover expenses incurred in carrying out such work from the allottee.
YEIDA Residential Plots Scheme RPS-03/2016 – Transfer of the Allotted Plot
The Yamuna Expressway Industrial Development Authority will allow transfer of your residential plot to a legal heir or other than the legal heir, after execution of lease deed, subject to the fulfillment of prescribed conditions.
1. Transfer of Residential Plot to the Legal Heirs: The Yamuna Expressway Industrial Development Authority will allow transfer of your residential plot to a legal heir with prior permission of the Chief Executive Officer or any officer authorized by CEO in this regard.
2. Transfer of Residential Plot to Other Than the Legal Heirs: The Yamuna Expressway Industrial Development Authority will allow transfer of your residential plot to other than a legal heir with prior permission of the Chief Executive Officer or any officer authorized by CEO in this regard.
The Yamuna Expressway Industrial Development Authority will consider such transfer of residential plot on payment of prescribed transfer charges and fulfillment of the legal conditions as decided by the Chief Executive Officer. The Chief Executive Officer of YEIDA shall have the power to reject or accept such request.
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