Jaypee pays Rs.300 crore to YEIDA for sports city
Jaiprakash Associates (Jaypee) has paid another installment of Rs. 300 crore to the Yamuna Expressway Industrial Development Authority (YEIDA) on Wednesday for the 1000 hectare land on which the company developed a sports city in YEIDA area.n The developer had already paid YEIDA Rs 110 crore in May this year. The total outstanding amount towards this project is Rs 600 crore.
According to Arunvir Singh, YEIDA chief executive officer (CEO), the developer has been defaulting on its instalments for land allotted in the past five years. “The land in question was allotted to the developer in the YEIDA area for constructing residential units under the special development zone (SDZ) category,” the CEO said.
“Owing to the default by the builder, the allottees are suffering. Since the builder had not even started construction on the land, we had issued a show cause notice. We warned the developer of stringent action if he did not pay us Rs 90 crore in March this year. However, we extended the date after they paid us Rs 10 crore. Thereafter, they paid us another Rs 100 crore on May 15,” said Singh.
“Till now, we have received a total of Rs 410 crore and we will now put in place a rescheduled payment plan for the developer after which he will start paying the installments of balance dues,” he added. The developer still has to clear other outstanding dues amounting to Rs 450 crore.