by THO
The Yamuna Expressway Industrial Development Authority (Yeida) on Wednesday said that it has issued notices to plot allottees who have not executed the registry of their respective property, thereby causing a revenue loss to the government.
According to rules, Yeida first issues the allotment letter to an owner who buys the plot meant for different usages such as residential, industrial, mixed-land and educational, among others. After the allotment letter there is a requirement of registry (sub lease deed) between the plot allottee and the authority with an aim to transfer the property title to the allottee. Once registry is executed and property title is transferred, the allottee can get the building layout approved and start construction at the site.
Yeida has faced a challenge in getting plot allottees to execute the registry because they wait for an opportunity to sell it to someone else, make a profit and then let the new buyer execute the registry, by paying the stamp fee, said officials.
However, to curb this practice, Yeida has now warned allottees that they either have to get the registry done or face cancellation of the allotment.
“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,” said Arun Vir Singh, chief executive officer, Yeida.
Officials said Yeida has executed at least 1,400 registries of the 3,040 industrial plots allotted since 2001, when this industrial body was established to urbanise the areas located along Yamuna Expressway that connects Greater Noida with Agra.
Yeida said 1,000 plot allottees have executed registries in the past one and a half years.
According to officials, the registry process had been slow till 2022, with only 30 to 35 registries executed annually.
“The registries started picking in the past two years after work on the Noida international airport project started. Now that the airport is set to commence operations by April 2025, we hope that plot allottees will execute registries, build units and start operations too,” said Singh.
The industrial plots are located across key sectors, including 24, 28, 29, 32, and 33.
In Apparel Park, 149 plots have been allotted, of which 75 registries have been executed.
In Toy Park, 139 allotments have been made, with 74 registries finalized.
The Medical Devices Park in Sector 28 has seen 73 allotments in three schemes over the last 18 months, with 15 companies completing their registries. Also, all eight mix-land use plots under Yeida’s schemes have executed their registries.
As per Yeida guidelines, companies are typically granted four years after completing their registry to construct their facilities and obtain functional certificates.
“We hope that the mega industrial projects, including Apparel Park, Toy Park, and Medical Devices Park become functional as the allottees have started work at the site,” said Singh.
Vivo, one of the first mega project allottees, has already started production at its 169 acre facility in Sector 24A along the Yamuna Expressway earlier this year. Other companies, including Avery Dennison, Surya Global Flexi Films, and Bikanervala, have also commenced operations in their allotted plots.
The foundation stone for the Apparel Park and Toy Park were laid in September 2023. Earlier this year, Yeida issued a public notice urging industrialists to execute registries within 60 days of checklist issuance. A similar notice is set to be issued again to expedite the process for the remaining allottees.
