GREATER NOIDA: Plot allottees in Yamuna Expressway area will now have to shell out double the price on sale or transfer of plots as the Yamuna Expressway Industrial Development Authority (YEIDA) has changed rates from the existing 5% to 10%. The hiked rate will be effective from September 15.
Authority officials said the reason behind increasing the charges is that they need more funds to address farmers' compensation issues and boost infrastructure projects in the city, and they have no option other than revising rates.
A senior official said the transfer rate was initially 10% of the total plot cost, but the Authority had slashed it by half. "We had given relief for some period and now buyers and sellers should not feel bad that we have increased the charges. The Authority needs funds to solve farmers' compensation issue and to boost infrastructure projects. We have no choice," said the official.
The stamp duties will, however, remain the same. The increased rates will also affect 21,000 plot allottees who had availed a residential plot scheme in sectors 18 and 20, which the Authority had launched in 2009.
Property experts said the increase in rates would affect both buyers and sellers. "Both buyers and sellers will have to shell out more now. But at the same time, there is a need of funds to speed up development projects," said Amit Gupta, MD, Orris Infrastructure, who is developing a group housing project on Yamuna Expressway area.