Jaypee Sports has one month to clear dues or lose land
Jaypee Sports International has one month to clear its pending dues of Rs 220 crore or their lease on a 1,000 hectare land along the Yamuna Expressway will be cancelled, the Yamuna Expressway Industrial Development Authority (YEIDA) said.
The YEIDA has also revised land rates along the Yamuna Expressway, increasing costs for residential plots up to 200 sq metres by 8 per cent, group housing/builder plots by 6 per cent, institutional and industrial plots by 4 per cent, its officials said.
The details were shared on Thursday by YEIDA Chief Executive Officer ArunVir Singh after the 65th board meeting of the authority, which was formed by the Uttar Pradesh government for development in the region along the 165-km-long Yamuna Expressway.
He said the Jaypee Sports International, the owners of the Buddha International Circuit, were allotted the land for a special development zone (SDZ) in 2009-10 in Sector 25 along the Yamuna Expressway.
“The group has not cleared pending dues for the land allotted/leased for the SDZ, not paid even the first instalment after re-schedulement despite multiple defaulter notices. It has defaulted two instalments of Rs 1,082,547,095 (due on September 30, 2018) and Rs 1,042,258,611 (due on March 30, 2019),” Singh told reporters.