Jaiprakash Associates could regain land upon settling Rs 2 billion dues

23 Feb 2024 CW Team

Approximately 1,000 hectares were allocated to Jaypee International Sports, a subsidiary of JAL, in 2009-10 under a special development zone (SDZ) scheme in Sector 25 for the development of a Sports City. The Budh International Circuit (BIC), which hosted the MotoGP Bharat?an international bike racing event?in September of the previous year, is a part of this land parcel. Additionally, nearly 9,000 homebuyers in the 14 residential complexes under the SDZ are awaiting the completion of their flats.

In February 2020, YEIDA canceled JAL?s land allotment due to non-payment of dues. While the Authority stated the amount to be Rs 36.21 billion, including land premium, lease rent, and additional farmer compensation, JAL argued that it was significantly lower at Rs 14.83 billion. The case is presently under consideration by the Allahabad High Court. Officials mentioned that JAL has officially requested the Yamuna Authority to reinstate its land. In December 2023, Jaypee International Sports submitted a proposal for settling dues and a resolution plan to complete its stalled residential projects.

During its 79th board meeting on January 29, the Yamuna Authority made the decision to present a conditional restoration plan to the realtor. According to Yamuna Authority CEO Arun Vir Singh, after assessing the proposal, the governing board concluded that Jaypee International Sports Ltd must deposit a lump sum of at least Rs 2 billion, which includes the restoration charges, before a decision on reinstating a proportionate land parcel could be considered. It was also decided that the process of restoring proportionate land parcels would proceed, contingent on JAL clearing its remaining dues in instalments.

The Yamuna Authority stated that they might consider reinstating a corresponding land parcel off the expressway to Jai Prakash Associates (JAL) if the developer agreed to settle Rs 2 billion dues upfront. It was also mentioned that a letter had been written to the government, urging them to extend the rehabilitation package to the realtor for its 14 stalled residential complexes. This was in alignment with the relief package introduced by the state government in December 2023, based on the recommendations of the Amitabh Kant committee. Approximately 1,000 hectares were allocated to Jaypee International Sports, a subsidiary of JAL, in 2009-10 under a special development zone (SDZ) scheme in Sector 25 for the development of a Sports City. The Budh International Circuit (BIC), which hosted the MotoGP Bharat?an international bike racing event?in September of the previous year, is a part of this land parcel. Additionally, nearly 9,000 homebuyers in the 14 residential complexes under the SDZ are awaiting the completion of their flats. In February 2020, YEIDA canceled JAL?s land allotment due to non-payment of dues. While the Authority stated the amount to be Rs 36.21 billion, including land premium, lease rent, and additional farmer compensation, JAL argued that it was significantly lower at Rs 14.83 billion. The case is presently under consideration by the Allahabad High Court. Officials mentioned that JAL has officially requested the Yamuna Authority to reinstate its land. In December 2023, Jaypee International Sports submitted a proposal for settling dues and a resolution plan to complete its stalled residential projects. During its 79th board meeting on January 29, the Yamuna Authority made the decision to present a conditional restoration plan to the realtor. According to Yamuna Authority CEO Arun Vir Singh, after assessing the proposal, the governing board concluded that Jaypee International Sports Ltd must deposit a lump sum of at least Rs 2 billion, which includes the restoration charges, before a decision on reinstating a proportionate land parcel could be considered. It was also decided that the process of restoring proportionate land parcels would proceed, contingent on JAL clearing its remaining dues in instalments.