NOIDA: The Yamuna Authority may reinstate a proportionate land parcel off the expressway to Jai Prakash Associates Ltd (JAL) if the developer agrees to clear Rs 200 crore dues upfront. It has also written to govt to extend the rehabilitation package to the realtor for its 14 stalled residential complexes, in line with the relief package rolled out by the state govt in Dec 2023 based on the recommendations of the Amitabh Kant committee.
About 1,000 hectares were allotted to Jaypee International Sports, a subsidiary of JAL, in 2009-10 under a special development zone (SDZ) scheme in Sector 25 for developing a Sports City. The Budh International Circuit (BIC), which hosted the MotoGP Bharat — an international bike racing event — in Sept last year, is a part of this land parcel. Nearly 9,000 homebuyers in the 14 residential complexes, under the SDZ, are also waiting for their flats.
In February 2020, YEIDA cancelled JAL’s land allotment over non-payment of dues — while the Authority pegs the amount to Rs 3,621 crore, including land premium, lease rent and additional farmer compensation, JAL says it is significantly lower at Rs 1,483 crore. The case is currently being heard by the Allahabad High Court.
Officials said JAL has now formally requested the Yamuna Authority to reinstate its land. In Dec 2023, Jaypee International Sports also submitted a proposal for the settlement of dues and a resolution plan for completing its stalled residential projects.
At its 79th board meeting on Jan 29, the Yamuna Authority decided to offer a conditional restoration plan to the realtor.
“After reviewing the proposal, the governing board decided that Jaypee International Sports Ltd must deposit a lump sum of at least Rs 200 crore, including the restoration charges, before a decision on restoring a proportionate land parcel could be made. It was also decided the process of restoring proportionate land parcels would continue with JAL clearing its remaining dues in instalments,” Yamuna Authority CEO Arun Vir Singh said.
The Authority has also written to the industrial development department, seeking its approval for extending the benefits under the rehabilitation package rolled out for stalled projects to the 14 residential projects within the SDZ.
UP’s rehabilitation package excludes residential projects under the Sports City scheme, where 70% of the land is allocated for sports facilities and 30% for residential, commercial, and other categories. However, under the SDZ, 35% of the land has been allocated for sports facilities and the remaining 65% for various categories, including residential projects (15%).
Officials said potential relief would not only ease the financial burden on JAL but also benefit the thousands of homebuyers awaiting their flats and their registration.
