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YEIDA has formed a committee to complete all pending Jaypee housing projects along the Yamuna Expressway, following a high court order. This decision brings hope to 4,600 homebuyers who have waited over a decade. The government will invite new developers within three months, and homes will be given at the original prices without extra charges. A nodal officer will manage payments and funds. The court set clear deadlines to finish the projects and declared a 'zero period' from 2020 to 2025, waiving interest and penalties. Buyers can also choose a refund if they no longer want possession of their homes.
The Yamuna Expressway Industrial Development Authority (YEIDA) has formed a four-member committee to oversee and complete all pending housing projects of Jaypee Associates Limited (JAL) along the Yamuna Expressway. This move, directed by the Allahabad High Court, brings renewed hope for around 4,600 homebuyers who have been waiting for their homes for over a decade. Advertisement
Back in 2008, YEIDA had allotted 1,000 hectares of land to JAL under a special development zone policy. The goal was to develop a sports-centric zone, which included building the Formula One Buddh International Circuit. By 2017, JAL claimed it had spent about Rs 2,500 crore on the project, but YEIDA said the company had not fulfilled its obligations under the agreement.
In February 2020, YEIDA moved to cancel JAL's land allotment, which led the company to approach the Allahabad High Court. This legal battle has continued for years. YEIDA later conducted a survey and told the court that JAL had completed only 5.5% of the required development despite its high investment claims. Meanwhile, most homebuyers, who booked flats between 2011 and 2012 and were promised possession in 2014, had already paid about 95% of the flat cost.
Following the Allahabad High Court's ruling on March 10, YEIDA has formed a four-member committee to supervise the completion of Jaypee Associates' pending housing projects. The committee comprises the Principal Secretary of Industrial Development, the Chairperson of UP-RERA, the CEO of YEIDA, and a representative of the homebuyers.
This committee will monitor the completion of all the stalled Jaypee housing projects. The government plans to issue a request for proposal (RFP) within three months to invite developers who will take over and finish the work.
YEIDA CEO Arun Vir Singh assured that homebuyers will receive their homes at the original prices, with no additional charges. "We have accepted the high court's order and will follow the directives. Homebuyers will not have to pay any extra amount," he said.
The High Court has set a clear and strict timeline for the completion of the stalled housing projects. Projects that are already 75% complete must be finished within one year, while those that are 50% complete should be completed within 18 months. Developments that are 25% ready must be completed within 30 months, and all remaining projects are expected to be delivered within 36 months.
To safeguard homebuyers, the court has declared the period from February 2020 to March 10, 2025, as a 'zero period.' During this time, buyers will not be required to pay any interest or penalties for delays, ensuring they are not financially burdened further due to the prolonged halt in construction.
YEIDA will appoint a nodal officer to handle all outstanding payments and ensure that sufficient funds are available to resume and complete construction. The authority will also take charge of completing several stalled Jaypee housing projects, including Jaypee Greens Bougainvilleas, Country Homes, Greencrest Homes, Krowns, Kove, Buddh Circuit Studios, Kassia, Sportsville, and Villa Expanza. In addition, the newly formed committee will draft an exit policy for homebuyers who wish to opt for a refund instead of taking possession of their homes. This initiative marks a crucial step in addressing a long-pending issue and brings renewed clarity and relief to thousands of affected homebuyers.
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