Yeida seeks government permission to sell Jaypee land to refund home buyers

Yeida seeks government permission to sell Jaypee land to refund home buyers
03/11/2017 , by , in News/Views

Yeida has sought permission from the UP government to partially cancel the lease of two parcels of land belonging to Jaypee group. Yeida wants to sell the land to recover its dues amounting to over Rs 4,300 crore and refund the homebuyers of five scrapped projects of the debt-ridden realtor in its area their money. More than 3,000 buyers have invested in five projects of Jaypee group in Yeida area — Budh Circuit-01, Budh Circuit-02, Nature View, Yamuna Vihar and Udaan.

While one piece of land pertains to a 1,000-hectare Special Development Zone (SDZ), which is located in three pockets in Yeida area, including Sector 25 and Jaypee Sports City for constructing residential units, the other is related to 500 hectares of Land For Development (LFD), which was released to the company as part of the concessionaire agreement for developing the 165-km Yamuna expressway connecting Greater Noida and Agra.

According to Yeida, in the SDZ scheme, the company owes it Rs 1,453 crore, while in the LFD scheme, the outstanding amount is Rs 2,889 crore. The land in both these parcels, which has no third party rights, is unsold and will be taken over and sold by Yeida to recover dues.

Yeida had in the last week of August said it would cancel Jaypee group’s lease, liquidate assets, recover the money and pay it back to the homebuyers if the realtor failed to pay the first instalment of the refund by October this year. In September, Yeida at its board meeting had okayed the partial lease cancellation of the two plots of land belonging to Jaypee Group.

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