YEIDA serves notice to Jaypee Infratech: Pay Rs 900cr or face cancellation of allotment of 1,000 hectares of land

Yamuna Expressway Industrial Development Authority(YEIDA)  has issued a final notice to Jaypee Infratech for  pay up Rs 900 crore or lose 1,000 hectares of land alloted to them along Yamuna Expressway.

Yamuna Expressway Industrial Development Authority(YEIDA) has issued a show-cause notice asking Jaypee Infratech as to why the allotment should not be cancelled. If Jaypee Infratech fails to clear the pending dues by April 15, a strict action may be taken including cancellation of the lease deed.

According to Sources, Jaypee Infratech has been defaulting on its installments for land allotted to them since last five years. Around 1,000 hectares of land was allotted to Jaypee Infratech by Yamuna Expressway Industrial Development Authority(YEIDA)  in three pockets in the Yamuna Expressway area for constructing residential flats. The three pockets include Sector 25 and Jaypee Sports City.

YEIDA Officials have told that if Jaypee Infratech will respond satisfactorily within the stipulated time limit after the notice, strict action will be taken including cancelling the lease deed of the developer.

Jaypee Group has to also pay YEIDA an additional Rs 1,200 crore. This amount has to be disbursed to farmers as hiked compensation for land acquisition in the area. However, this matter is sub judice and is awaiting the appointment of an arbitrator after approval from the state government as Jaypee Infratech has challenged the Allahabad high court direction that farmers be paid enhanced compensation,

Meanwhile, YEIDA is also getting ready to issues show-cause notice to seven more builders in its area. Earlier this month, YEIDA had started the procedure of cancellation of seven allotments of these builders. The developers, which include five group housing builders and two institutional ones, owe the Authority nearly Rs 525 crore. The notices are likely to be issued soon.

Source:http://timesofindia.indiatimes.com/city/noida/pay-rs-900cr-or-lose-land-yeida-notice-to-jaypee/articleshow/57882164.cms

http://www.hindustantimes.com/noida/jaypee-gets-authority-notice-over-rs-900-crore-dues/story-Y6GIZ4SnE4b6MXlDZpcmeM.html

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