Representative Image Noida, Yamuna Expressway Industrial Development Authority ,Yeida) has launched a new Housing Scheme Over 1,200 flats are on offer on a ‘first come, first serve’ basis in Sector 22D along the Yamuna Expressway near the upcoming Noida International Airport.
The scheme, which launched on Thursday, will continue till March 31, 2025 or till all the units are allotted. It comprises three types of flats. A total of 276 affordable 1BHK flats, with a total area of 29.8 sqm and 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.
There are 713 1BHK flats available in the four-storey building, with a total area of 54.7 sqm and living space of 37 sqm, priced at Rs 33 lakh.
Finally, buildings up to 16 floors will offer 250 2BHK flats with a total area of 99.9 sqm and living space of 64.7 sqm, priced at Rs 45 lakh.
To apply for this scheme, interested persons can submit online application through Yamuna Expressway Authority website, pay a non-refundable registration fee of Rs.600 and 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 must not have been allotted any other flat or plot by YEIDA earlier. Joint application with immediate family members is permitted.
YEIDA will carry out initial maintenance of the flats for two years after possession, after which an Apartment Owners Association (AOA) will be formed to manage the complex.
Allottees will have to contribute to a maintenance fund, with the amount ranging from Rs 50,000 for affordable 1 BHK flats to Rs 1,50,000 for 2 BHK units. As per the UP Apartment Act 2010, participation in the AOA is mandatory for all allottees.
Payment options include a lump sum payment plan, which offers a discount of 2% 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% in ten half-yearly installments over five years, with interest at 10% per annum.
Possession of the flat is given after execution and registration of the lease deed, which can be done only after paying a minimum of 30% of the total premium.
If a buyer surrenders the flat before the LOI is issued, the EMD is refunded after a deduction of Rs 10,000. If the flat is surrendered within 30 days of the LOI being issued, 10% of the EMD will be forfeited, and the rest of the amount will be refunded without interest. However, if the flat is surrendered after 30 days of allotment or the allotment is cancelled due to non-compliance or default, the entire deposit amount is forfeited.
The guidelines and restrictions under the scheme state that the flats must be used only for residential purposes, and no structural changes or alterations can be made without the prior permission of YEIDA. Additionally, buyers are also prohibited from displaying posters or advertisements on the outer walls of the building.
