Pay Rs 1,200 cr fine or face land cancellation, YEIDA tells Jaypee

Yamuna Expressway Industrial Developmental Authority (YEIDA) on Thursday announced that it has issued a final notice to Jaypee Infratech to pay Rs 1200 crore or face cancellation of their allotted land.

Arunvir Singh, chief executive officer (CEO), YEIDA said, "We have issued a final show-cause notice asking the developer why the allotment should not be cancelled. If the group fails to clear its dues by April 15, strict action is on the cards, including cancellation of the lease deed."

According to a senior official of YEIDA, Jaypee Infratech has been declared a defaulter developer as he has skipped several instalments for land allotted for the last five years.

The authority officials stated that the land in question was allotted to the developer in three pockets in the YEIDA area for constructing residential units. "The default by the builder has made the allotters suffering. The builder has not yet started the construction work on the land. About 1,000 hectares of land is located in three pockets including Sector 25 and Jaypee Sports City," the officials added.