YEIDA to cancel lease of two Jaypee plots

YEIDA to cancel lease of two Jaypee plots
06/09/2017 , by , in News/Views

The Yamuna Expressway Industrial Development Authority, at its board meeting held on Monday, approved the partial lease cancellation of two plots of land belonging to Jaypee group.

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.

YEIDA chairman Prabhat Kumar, who also holds the post of divisional commissioner, Meerut said, “The move follows the failure of Jaypee group to pay YEIDA the outstanding dues amounting to Rs 4,342 crore despite repeated notices. The land will be taken over from Jaypee and sold to recover our dues. We will distribute the 64.7% compensation due to farmers whose land was acquired by YEIDA.”

“In future also, if any dues are outstanding on a particular date and are not paid, we will cancel the lease of the said land and take its possession to recover our dues the very next day. We will not be providing the group with any more leverages,” he added.

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.

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