Realtors Keen On Buying Cancelled Allotted Plots
Allottees hint at realtor-authority staff nexus
Over 300 residential plot allottees of the Yamuna Expressway Authority (YEA) are in a dilemma.
This is because the authority has told them that their allotments got automatically cancelled due to non-payment of dues and has refused to restore the allotments. But what is making the situation strange is the fact that property dealers are contacting the allotees and coercing them to sell the plots to them.
Speaking on the condition of anonymity, one such allottee told The Tribune, "I contacted the chairman-cum-chief executive officer of YEA through a UP minister, but I was told that nothing could be done now as the allotment money was not paid in time. However, I am getting messages from property dealers to sell the plot to them at a premium of Rs 2,000 per square metre. But the question is if we agree to sell the plots to property dealers, how will they get the allotment restored?" said the allottee.
The situation clearly hints at a nexus between real estate agents and some authority staff, said other affected allottees.
The market premium of the allotted plots is Rs 6,000 per square metre, but the realtors, by pointing out the possibility of cancellation, are offering between Rs 500 and Rs 2,000 per square metre.
The authority's refusal to restore allotment will force allottees to sell the plots to property dealers, who, in connivance with some authority staff, will get the allotments restored, it is feared.
If the allottes agree to sell their plots to realtors at a premium of Rs 2,000 per square metre, the realtors will earn Rs 4,000 on every square metre. At this rate, they will make around Rs 40 lakh from every 1,000 square metre and by selling all the plots, they can earn over Rs 50 crore.
However, when contacted over the issue, Y. K. Bahl, additional chief executive officer of YEA said, "The authority has extended the payment period thrice. As per the allotment rules, if the allottees fail to pay the money even in the extended period, their allotments automatically get cancelled. There is no policy of restoration for such plots."
Source: The Tribune
Over 300 residential plot allottees of the Yamuna Expressway Authority (YEA) are in a dilemma.
This is because the authority has told them that their allotments got automatically cancelled due to non-payment of dues and has refused to restore the allotments. But what is making the situation strange is the fact that property dealers are contacting the allotees and coercing them to sell the plots to them.
Speaking on the condition of anonymity, one such allottee told The Tribune, "I contacted the chairman-cum-chief executive officer of YEA through a UP minister, but I was told that nothing could be done now as the allotment money was not paid in time. However, I am getting messages from property dealers to sell the plot to them at a premium of Rs 2,000 per square metre. But the question is if we agree to sell the plots to property dealers, how will they get the allotment restored?" said the allottee.
The situation clearly hints at a nexus between real estate agents and some authority staff, said other affected allottees.
The market premium of the allotted plots is Rs 6,000 per square metre, but the realtors, by pointing out the possibility of cancellation, are offering between Rs 500 and Rs 2,000 per square metre.
The authority's refusal to restore allotment will force allottees to sell the plots to property dealers, who, in connivance with some authority staff, will get the allotments restored, it is feared.
If the allottes agree to sell their plots to realtors at a premium of Rs 2,000 per square metre, the realtors will earn Rs 4,000 on every square metre. At this rate, they will make around Rs 40 lakh from every 1,000 square metre and by selling all the plots, they can earn over Rs 50 crore.
However, when contacted over the issue, Y. K. Bahl, additional chief executive officer of YEA said, "The authority has extended the payment period thrice. As per the allotment rules, if the allottees fail to pay the money even in the extended period, their allotments automatically get cancelled. There is no policy of restoration for such plots."
Source: The Tribune