Yamuna expressway authority cuts interest rates on land allotment.

Yamuna expressway authority cuts interest rates on land allotment.

Besides reducing the interest rates, Dr Prabhat Kumar also released a schedule for possession of 10,500 plots and another 5,100 flats that were allotted in 2009.

The Yamuna Expressway industrial development authority (YEIDA) reduced the interest on instalments it receives from allottees by 1.35%. The cut in interest rate is likely to be effective from the first week of June 2017, after it is approved in the authority’s board meeting.

On Friday, Dr Prabhat Kumar, the commissioner of Meerut division held a detailed meeting with YEIDA CEO Arun Vir Singh and other officials.

“We have decided to charge only 10.65% interest, instead of 12%, on the due to be cleared by an allottee. We are planning to cut the interest rate by another 1.15% very soon. As banks have reduced interest rates, we want to pass on the benefit to our allottees,” said Dr Prabhat Kumar, chairman of YEIDA and Greater Noida authority.

“We will organise board meeting for the Yamuna Expressway area in the first week of June. We will approve the proposal of the rate cut on interest in that board meeting so that we can officially implement the decision taken to benefit the allottees. Once approved at the board meeting, we will put the new rates into effect. We are yet to decide the final date for the board meeting,” said Kumar.

Kumar has directed officials to take steps to ensure that allottees or homebuyers who have invested in areas along Yamuna Expressway do not face any hassles.

Besides reducing the interest rates, Dr Prabhat Kumar also released a schedule for possession of 10,500 plots and another 5,100 flats that were allotted in 2009.

For the last seven years, allottees have been suffering because of delayed possession. The authority could not give possession to allottees because farmers had approached the Allahabad high court over refusing to part with their agricultural land.

However, the authority has resolved a majority of the cases and settled farmers’ issues related with hiked land compensation, so that it can give possession to plot allottees.

“I have directed officials to expedite the process of giving possession of plots and flats to allottees,” said Kumar.

http://www.hindustantimes.com/noida/yamuna-expressway-authority-cuts-interest-rates-on-land-allotment/story-2OD5WMeTG2yEvcdhK72DpI.html

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Aggrieved home buyers yet to understand RERA benefits

Delhi/NCR

With the much-awaited Real Estate (Regulation and Development) Act (RERA) coming into effect from May 1, some buyers are hopeful it will end their woes but many are unaware about the benefits arising from the new regulatory regime.

Under the central law, each state has to notify rules and set up a regulatory authority to manage the real estate sector. Uttar Pradesh notified the rules last November, but is yet to set up a regulator. The law provides for strict penalties against promoters and builders for not fulfilling promises.

K K Kaushal, a flat buyer of Amrapali Dream Valley Project in Noida Extension, is not sure what the fallout of the new law would be. “RERA will take its own time. I don’t think we can expect RERA to come up with solutions very soon. We have hope from the new Uttar Pradesh government, though,” Kaushal said.

He had booked his flat in 2010 and was told that possession would be available by 2015. “It has been seven years and the project is not yet ready. Work came to a halt at the project site. It’s been almost two months, no work is going on at the site,” Kaushal told IANS.

Like Kaushal there are many such buyers who booked flats in that project and 600 of them have started a campaign against the developers. Some went and met Uttar Pradesh Chief Minister Adityanath Yogi in Lucknow, while many recently joined a candlelight march as a protest.

Amit Kumar, who booked his flat during the same time in Jaypee Greens in Noida, is still waiting for his flat, promised to him for 2013. But he’s hopeful that RERA might bring about a change.

“At least now, real estate developers won’t be able to take buyers for a ride. Buyers don’t have any rights in the country. There should be a panel comprising buyers, developers and bankers (who provide loans) to monitor the project,” he told IANS on phone from Oman.

Dushyant Naagar, a farmer leader, has been fighting since 2012 to rein in developers. “Lot of farmers are home buyers. Real estate developers collect money from buyers, even when the land is not cleared by the authorities. Almost 90 per cent of builders have not deposited money with the Noida Authority after taking money from the buyers,” Naagar told IANS.

He was promised possession of an Amrapali flat in Noida Extension in 2014. He says brokers should also face the same penalty as builders under RERA. He feels the new law will build pressure on builders who will now have to pay penalty for any delay. “This will be binding,” he added.

http://content.magicbricks.com/property-news/delhi-ncr-real-estate-news/aggrieved-home-buyers-yet-to-understand-rera-benefits/91714.html

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