Jaypee pays 15% of due amount to Yamuna Expressway Authority

Greater Noida: The Yamuna Expressway Industrial Development Authority (YEIDA) on Monday said that the Jaypee ( Jaiprakash Associates Ltd) has paid them 15% of the total outstanding amount due for the 1,000 hectare land on which the company has developed a sports city. The Jaypee group has paid Rs 100 crore out of the Rs 600 crore due from it, YEIDA said. The Authority had issued a final notice to the builder in March this year after which the realtor had paid the Authority Rs 10 crore. The next instalment due from Jaypee is Rs 384 crore, which it has to pay by August 31, 2017.

According to Arunvir Singh, chief executive officer, YEIDA, the developer has been defaulting on its instalments for land allotted for the past five years. "The land in question was allotted to the developer in three pockets in YEIDA area for constructing residential units under the Special Development Zone (SDZ) category," he said. "There are a total of 1,000 hectares and which are located in three pockets including Sector 25 and Jaypee Sports City," he said.

"Owing to the default by the builder, the allottees are suffering. Currently, the builder has not even started construction on the land. Hence we issued a notice as they did not pay us Rs 90 crore in March. However, we extended the date after they paid us Rs 10 crore. The last date for paying the balance Rs 80 crore was May 15" he explained.

The developer still has to clear outstanding dues amounting to Rs 300 crore towards the 165-km expressway, which connects Greater Noida to Agra besides Rs 1,200 crore, which has to be distributed as enhanced compensation of 64.7% to farmers in lieu for lands acquired. "However, the matter is sub-judice and is awaiting the appointment of an arbitrator after approval from the state government as the developer has challenged the Allahabad high court direction that farmers be paid enhanced compensation. We have filed an SLP in this case, the hearing for which is scheduled on June 10, 2017," Singh said.

When TOI contacted Jaypee Infratech, they confirmed the deposit. "We will be meeting all future commitments too," said a spokesperson.