Jaypee Sports International has one month to clear its pending dues of ₹220 crore or their lease on a 1,000 hectare land along the Yamuna Expressway will be cancelled, a PTI report said today, quoting an official with the Yamuna Expressway Industrial Development Authority (YEIDA).
The Authority has also revised land rates along the Yamuna Expressway, increasing costs for residential plots up to 200 sq metres by 8%, group housing/builder plots by 6 %, institutional and industrial plots by 4%, its officials said.
YEIDA was the nodal government body to implement the 165-km-long Yamuna Expressway project as well as allied development along side. Jaypee Infratech, a subsidiary of the Gaur family-promoted Jaiprakash Associates. Jaypee Sports International is a group company.
Approximately 334 villages of district Gautam Budh Nagar, Bulandshahar , Aligarh, Mahamaya Nagar (Hatras), Mathura and Agra are notified under YEIDA.
YEIDA Chief Executive Officer Arun Vir Singh said Jaypee Sports International, the owners of the Buddha International Circuit which organized the Formula 1 car racing in 2011, 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 installment after re-schedulement despite multiple defaulter notices," Singh said.
The officer said the group, a part of the Jaiprakash Associates Limited, has further sub-let half of the land to nearly 30 smaller developers who have their projects underway in the region.
"If the group fails to clear the dues in one month, the board has authorised the YEIDA to cancel its lease for the SDZ land," Singh added.
The board, he said, has also approved a proposal of the YEIDA for a "nominal rise" in rates of the land which were last revised in 2015.