YEIDA cancels 1k hectares of land allotted to Jaypee group

Greater Noida: Taking a tough stand on the defaulting builders, Yamuna Expressway Industrial Development Authority (YEIDA), on Wednesday, cancelled land allotment of nearly 1,000 hectares of land that was awarded to Jaypee group for Special Development Zone (SDZ), over non-payment of dues. Officials said that the sports city, formula one international circuit and other residential complexes which are already developed on the land will, however, continue to operate.

YEIDA had in 2009-10 allotted the land in sector 25 along the Yamuna Expressway to Jaypee group under the SDZ. At the time of allotment, the company was required to pay 20 per cent of the price of the plot and the remaining amount was supposed to be paid in 20 half-yearly instalments. However, the company did not pay the instalments in time and even didn't pay heed to several notices issued by the authority for repayment of the arrears.

"Several notices were issued to Jaypee builder group to clear financial dues worth nearly Rs 1,000 crore but they failed to clear it. The authority has now decided to the land allotment and take the possession of the land, and auction it to recover our dues," said Arun Vir Singh, Chief Executive Officer (CEO), YEIDA.