Jaiprakash Associates could regain land upon settling Rs 2 billion dues
ECONOMY & POLICY

Jaiprakash Associates could regain land upon settling Rs 2 billion dues

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.

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.

Next Story
Real Estate

CCI Clears Blackstone’s Rs 11.5 Billion Kolte-Patil Deal

The Competition Commission of India (CCI) has approved Blackstone’s acquisition of a 40 per cent stake in Pune-based Kolte-Patil Developers Ltd. The deal, valued at Rs 11.5 billion, marks Blackstone’s entry into the Indian residential real estate sector.The acquisition will be made by Blackstone’s affiliate, BREP Asia III India Holding Co VII Pte Ltd, through a combination of preferential share subscription and promoter stake purchase. As part of the agreement, Blackstone will also launch an open offer to acquire up to 26 per cent of Kolte-Patil's equity from public shareholders for an a..

Next Story
Real Estate

Arkade Buys Thane Land for Rs 1.7 Billion Project

Arkade Developers Ltd has entered the Thane real estate market with the purchase of a 6.28-acre freehold land parcel for Rs 1.72 billion, including stamp duty. The Mumbai-based real estate company announced the acquisition in a regulatory filing on Friday, marking its strategic expansion beyond central and western Mumbai.The acquired site will house a mixed-use residential and commercial development, with a gross development value (GDV) of Rs 20 billion (USD 240 million). The planned development will offer a total saleable area of approximately 926,000 square feet, and is scheduled to launch i..

Next Story
Real Estate

Ashwin Sheth Group Buys 50% Stake in One Marina

Mumbai-based real estate developer Ashwin Sheth Group has acquired a 50 per cent stake in the Rs 23 billion (USD 275 million) luxury residential project One Marina, located in South Mumbai’s upscale Marine Lines. The acquisition was announced on 11 June and marks a major move in the city's premium housing market.The stake was acquired from Vallabh Sheth and Jitendra Sheth, promoters of Sheth Creators, who previously co-owned the project along with YM Infra, the landowner. This acquisition was supported by a substantial USD 65 million (over Rs 5.4 billion) investment commitment from PAG Singa..

Advertisement

Advertisement

Subscribe to Our Newsletter

Get daily newsletters around different themes from Construction world.

STAY CONNECTED

Advertisement

Advertisement

Advertisement

Advertisement

Talk to us?