In a major development, the Yamuna Expressway Industrial Development Authority (YEIDA) announced on Wednesday that it has issued notices to plot allottees who have not yet registered their properties. The decision comes as the delay in registration is causing revenue loss to the government.
As per reports, YEIDA has successfully registered about 1,400 out of 3,040 industrial plots since its inception in 2001.
Rules Of Registry
According to the rules of YEIDA, it first issues allotment letter to the person who buys the plot for various purposes like residential, industrial, educational, mixed land use etc. After the issuance of allotment letter, the registry (sub-lease deed) is initiated between the allottee and the authority. This is done to transfer the right of the property to the allottee.
Property title is transferred, once the registry is executed. After the registry, the allottee gets the building plan approved for construction on the site and they can set up their unit.
YEIDA Faces Challenge
As per reports, YEIDA is currently facing challenge in getting the registration done from the plot allottees. This happens so because several allottees wait for the opportunity to sell their plots to someone else. The allottees do it to make a profit, after which the new buyer can get the registry done, in which stamp duty will be paid.
YEIDA Issues Warning
Now to address this issue, YEIDA has warned allottees that they must complete the registry process or risk cancellation of their allotment. If the allottee fails to get the registry done, then the plot will be allotted to the new person. Officials stated that the registry process had been slow until 2022, with only 30 to 35 registries completed each year.
Hindustan Times quoted Chief Executive Officer of YEIDA, Arun Vir Singh who said, “We have issued notices to plot allottees warning them that if they want to retain the plots, then they must hurry up and get the registry done. If they will further delay the registry, then the authority will cancel the allotment and re-allot the plot to a new applicant. We want them to set up their businesses without delay and fulfil the objective for which the plots were allotted, that is, to create business and jobs in this region.”
YEIDA further added that 1,000 plot allottees have executed registries in the past one and a half years.
