In a move intended to benefit the property owners, the Yamuna Expressway Industrial Development Authority (YEIDA) has on Monday brought down the interest on installments it receives from allottees by 1.5% across all properties. The reduced interest rate will become effective once the minutes of the authority’s board meeting get the official approval.
Currently, 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,” said Prabhat Kumar, YEIDA Chairman. “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 added.
In addition to reduction in the interest rates, Kumar said that residents or individual plot owners will not have to pay GST for a number of services like 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.