Greater Noida: Jaypee Infratech pays Rs100 crore in dues to Yamuna e-way authority | noida | Hindustan Times
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Greater Noida: Jaypee Infratech pays Rs100 crore in dues to Yamuna e-way authority

The realty major owes the authority Rs900 crore in dues

noida Updated: May 24, 2017 22:33 IST
Vinod Rajput
The Yamuna Expressway Industrial Development Authority had threatened to cancel allotment of land on which Formula 1 and other sports facilities are built, if the builder failed to pay.
The Yamuna Expressway Industrial Development Authority had threatened to cancel allotment of land on which Formula 1 and other sports facilities are built, if the builder failed to pay.(Sunil Ghosh/HT File Photo)

The Yamuna Expressway Industrial Development Authority (YEIDA) on Monday received Rs100 crore from realty major Jaypee Infratech that owes the authority Rs900 crore in land dues.

“We have received Rs100 crore out of the Rs900 crore. We will now reschedule the remaining amount so that the realty firm can pay the same in instalments,” said Arun Vir Singh, chief executive officer, YEIDA.

The realty firm has not paid land dues to YEIDA for the past five years. On March 29, the authority had issued a notice to the builder for failing to clear the Rs900 crore due. It had threatened to cancel the allotment of the 1,000-hectare land parcel on which Formula 1 and other sports facilities are built, if the builder failed to pay.

The Jaypee group needs to pay Rs900 crore in principal amount for residential land in Sector 25 and the land allotted for the Sports City project to come up along the Yamuna Expressway.

According to officials, the Jaypee Group has also failed to pay Rs1,200 crore towards the enhanced 64% compensation to be paid to farmers for land acquisition.

The YEIDA has been facing a financial crisis due to major realtors not clearing their dues. In fact, the authority owes around Rs3,000 crore that it borrowed from leading banks and the Noida authority.

Earlier, YEIDA had also issued similar notices to 20 other realtors who cumulatively owe around Rs700 crore in land dues. “We will take strict action against the other builders too if they do not clear their land dues,” said Singh.

YEIDA chairman Dr Prabhat Kumar has also ordered authority staff to lodge FIRs against defaulting builders to create pressure on realty firms to pay up.