Noida, Greater Noida and Yamuna Expressway authorities is likely to firm up an exit policy plan to assist builders in surrendering surplus land. CEO of Yamuna Expressway said that several developers have been seeking for an exit policy plan owing to slow sales. Noida had increased the circle rates of land a few days ago.
Officials said that many developers might have planned a second phase of their already approved projects. But under the prevailing slow down and tight liquidity conditions, these developers might not be launching a second phase of the project. Many developers already have defaulted land payments. Presently YEIDA suffers a due of over Rs 3000 Crores.
The money for the surrendered lands will be refunded to builders at the allotment rates. The land which is collected by the authorities in the process shall be then allotted to other builders at the prevailing market rates for new projects. In 2010, Uttar Pradesh government had put forward a similar exit policy plan for builders which lasted only for two years.