Yamuna expressway authority cuts interest rates by 1.5% on land allotment

The Yamuna Expressway Industrial Development Authority (YEIDA) has on Monday reduced the interest on instalments it receives from allottees by 1.5% across all properties. The cut in interest rate is likely to come into effect soon after the minutes of the authority’s board meeting are officially approved.

According to Prabhat Kumar, YEIDA Chairman till now an interest of 12% was being levied on all properties except residential. “Residential allotments would incur an interest rate of 10.65%. With immediate effect, rate of interest charged will now be 10.50% across all properties including residential, industrial, institutional, etc,” he said. “We have decided to charge only 10.5% interest, instead of 12%, on the dues to be cleared by an allottee. As banks have reduced interest rates, we want to pass on the benefit to our allottees,” he said.

Besides reducing the interest rates, Kumar further said that residents or individual plot owners will not have to pay GST for many services, including sewer and water taxes, which are provided by the YEIDA. “Plot owners will also not have to pay GST on land cost,” he said. “About 21,000 alllottees of YEIDA will be relieved by this decision,” he added.

Source- ET Realty