NOIDA: Yamuna Expressway Industrial Development Authority (YEIDA) has launched a new housing scheme offering over 1,200 flats in Sector 22D off the Yamuna Expressway near the upcoming Noida International Airport on a ‘first come, first serve’ basis.
The scheme, started on Thursday, will continue till March 31, 2025, or until all units are allotted. It includes three types of flats. A total of 276 affordable 1BHK flats, with a total area of 29.8 sqm and a usable living space of 21.6 sqm, are priced at Rs 23.4 lakh for ground-floor units and Rs 20.7 lakh for first, second, and third-floor flats.
Another 713 1BHK flats are available in four-storey buildings, with a total area of 54.7sqm and a living space of 37sqm, priced at Rs 33 lakh.
Lastly, in buildings up to 16 floors, 250 2BHK flats will be up for grabs, with a total area of 99.9sqm and a living space of 64.7sqm, priced at Rs 45 lakh.
To apply for the scheme, interested people can submit an online application through the Yamuna Expressway Authority website, pay a non-refundable registration fee of Rs 600, and an earnest money deposit (EMD) of 10% of the total premium of the selected flat.
Applicants must be Indian citizens above 18 years of age and have not been allotted any other flats or plots by YEIDA in the past. Joint applications with immediate family members are allowed.
YEIDA will provide initial maintenance for the flats for two years following possession, after which an Apartment Owners Association (AOA) will be formed to manage the complex.
Allottees will be required to contribute to a maintenance corpus fund, with amounts ranging from Rs 50,000 for affordable 1 BHK flats to Rs 1,50,000 for the 2 BHK units. Participation in the AOA is mandatory for all allottees, as per the UP Apartment Act 2010.
The payment options include a one-time payment plan, offering a 2% discount on the total premium if paid within 60 days of receiving the letter of intent (LOI). Under the installment plan, buyers can pay 30% of the total premium upfront and the remaining 70% over five years in ten half-yearly installments, with an interest of 10% per annum.
Possession of the flat is given after the execution and registration of the lease deed, which can only be done after a minimum of 30% of the total premium has been paid.
If a buyer surrenders the flat before the issuance of the LOI, the EMD is refunded after a deduction of Rs 10,000. If the flat is surrendered within 30 days after the LOI is issued, 10% of the EMD will be forfeited, and the rest will be refunded without interest. However, the entire deposit is forfeited if the flat is surrendered after 30 days of allotment or in case of allotment cancellation due to defaults or non-compliance with rules.
Guidelines and restrictions under the scheme state that flats must be used strictly for residential purposes, and no structural changes or alterations can be made without prior permission from YEIDA. Additionally, buyers are prohibited from displaying posters or advertisements on the exterior walls of the building.
