Pay Rs 108 crore or lose land

Pay Rs 108 crore or lose land
17/12/2018 , by , in News/Views

Yamuna Expressway Industrial Development Authority (YEIDA) said on Friday it has issued a final notice to the beleaguered Jaypee group to pay up the first installment of Rs 108 crore of an outstanding of Rs 1,000 crore by December 31 or face cancellation of allotment of 1,000 hectares of land in Dankaur.

The 1,000-hectare Special Development Zone (SDZ) was allotted to Jaypee Infratech for constructing the Formula One circuit and residential units in Jaypee Sports City.

The Formula 1 Buddh International Circuit and a cricket stadium have already been built on the land.

While some SDZ land was also sold to other builders, Jaypee owed Rs 600 crore to YEIDA for its project. This amount has now become Rs 1,000 crore, including interest.

When the Yamuna Authority issued notice for dues earlier this year, the company applied for a reschedulement plan following which, YEIDA agreed to take 10 installments till 2023. And Jaypee had to pay its first installment of Rs 108 crore by September 30 this year.

Officials said since the company did not comply, YEIDA, in its 64th board meeting held on November 27, set December 31 as the deadline. “Friday’s notice is a final reminder to the company to clear the dues by December 31,” said Arun Veer Singh, CEO of YEIDA.

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