No clarity on land, realtor stops payment
The ongoing land acquisition row has cast a cloud over the proposed Yamuna City — touted as one of the biggest townships (4,500 acres) in the country being developed off the Noida-Agra Yamuna Expressway.delhi Updated: Jul 20, 2011 00:04 IST
The ongoing land acquisition row has cast a cloud over the proposed Yamuna City — touted as one of the biggest townships (4,500 acres) in the country being developed off the Noida-Agra Yamuna Expressway.
The builder was expected to develop plots and group housing apartments, besides institutional and commercial complexes in sectors 1, 2, 16, 17 and 17B. Approximately 20 lakh people were expected to get houses in this scheme.
Wave Infratech, which was given the contract, has stopped installments to the Yamuna Expressway Authority.
It has come to the light that the authority has offered 4,500 acres to the builder despite the fact that it has not acquired bulk of the land. The builder has stopped installments, seeking to know from the authority when the entire land will be transferred.
The authority has hinted land acquisition will not be easy.
“Acquisition of land for the proposed township seems to be a difficult task. We're forwarding the matter to the state government to know the future course of action,” said Yamuna Expressway chief executive officer (CEO) Captain SK Dwivedi.
Three companies — Gaur Sons, 3C and Wave Infratech — had participated in the bids and Wave was awarded the contract with the reserve price standing at R7,000 crore. This was the biggest land deal signed here after the Noida City Centre project, which was inked with the same firm for Rs 6,700 crore.
The authority was supposed to carry out only external development and build an outer road linking the proposed township.