The Yamuna Expressway Industrial Development Authority (YEIDA) completed a survey to assess development work by Jai Prakash Associates Ltd (JAL) on the Jaypee Sports City project, whose land allotment was canceled in 2020 over dues. The survey, following an Allahabad High Court directive, aims to verify JAL's claims of substantial infrastructure investment. In related news, developers owe INR 44,700 crore in Gautam Budh Nagar, with YEIDA's share at INR 4,700 crore. Efforts to revive stalled projects involve agreements with developers like ATS, Greenbay, and Logix, benefiting 4,000 homebuyers through a government scheme.
The Yamuna Expressway Industrial Development Authority (YEIDA) has recently completed a survey to assess the development work undertaken by Jai Prakash Associates Ltd (JAL) as part of the Jaypee Sports City project. This survey followed a nod from the Allahabad High Court, which is hearing JAL's petition regarding the cancellation of their land allotment in 2020 over mounting dues. The project, initiated in 2009-10, involved the development of the Buddh International Circuit and 14 residential projects for 9,000 homebuyers.
JAL claims substantial expenditures on infrastructure such as boundary walls and roads, which they argue justifies reinstating their land allotment. However, there is a significant discrepancy in the dues quoted by both parties: YEIDA claims JAL owes INR 3,621 crore, while JAL contends the dues amount to INR 1,483 crore. The court-mandated survey aimed to verify JAL's claims, with YEIDA required to submit their findings by May 22, the next court hearing date.
In a related development, YEIDA has facilitated the execution of nearly 4,000 registries, granting ownership rights to homebuyers after at least three developers-ATS, Greenbay, and Logix-agreed to pay 25% of their dues under a scheme devised by the UP government. This scheme follows recommendations from the Amitabh Kant Committee, which was formed to address the issue of stalled housing projects. The Kant Committee's report, approved by the Uttar Pradesh government in December 2023, proposes measures such as waiving penalties and interest, rescheduling recalculated dues, and implementing a co-developers' policy.
Developers in sectors 22 and 22D along the Yamuna Expressway have substantial dues, with overall developer dues in Gautam Budh Nagar amounting to INR 44,700 crore. Specifically, the dues are INR 26,000 crore to the Noida Authority, INR 14,000 crore to the Greater Noida Authority, and INR 4,700 crore to YEIDA. The three developers will contribute around INR 150-200 crore to YEIDA. The agreement to pay an initial 25% of their dues under the UP government's scheme is expected to benefit around 4,000 homebuyers by enabling the execution of their registries.
The resolution of these issues is crucial for the future of the Jaypee Sports City project and other real estate developments along the Yamuna Expressway. The outcomes of these efforts, including the high court's decision on JAL's petition and the successful implementation of the Kant Committee's recommendations, are expected to significantly impact the region's real estate landscape and provide much-needed relief to homebuyers awaiting ownership rights.
Advertisement
Facebook
Whatsapp
