Yamuna development authority scraps 17 realty projects; Jaypee group, other builders feel the heat

The Yamuna Expressway Industrial Development Authority (YEIDA) has cancelled the building plans of 17 projects of six builders, including the Jaypee group.

Of this, 12 projects belong to Jaypee Infratech, Gaursons, Orris Group, VGA Developers and Ajnara Group. Of the 12 projects, Jaypee Infratech controls seven, while two belongs to Gaursons and the remaining three projects were owned by Ajnara, Orris Group, VGA Developers, Indiatodayreport said.

"We have cancelled building maps of the 12 housing projects because they did not get them approved within specific time period. The builders have even sold out flats to home-buyers without getting requisite approvals," said Arun Vir Singh, CEO, YEIDA.

These developers had submitted their maps in 2015-16, but the authority raised objections to it.

Reuters

Reuters

"I have issued notices to each developer asking them to submit details of flats sold and money that has been collected from the investors," said Singh.

According to sources in the authority, the building plans have been cancelled as they did not address objections raised by the authority.

YEIDA had approved the layout plan but its planning department had raised certain objections in the building plans of these 17 projects, they added.

The builders did not submit the new building plans for approvals, so the authority cancelled the plans of 17 projects, sources said, adding that developers will have to apply afresh to approve their building plans.

Amid buyers complaints and huge delays in completion of projects, YEIDA is taking various steps to restore the confidence of customers.

Yesterday, YEIDA asked Jaypee group to pay the total outstanding amount of Rs 600 crore by August against 1,000 hectare land parcel allotted to the company.

"We have given one month time to Jaypee group till 15 May to pay 15 percent, which is Rs 90 crore. We have directed them to clear the remaining amount by August end," said YEIDA CEO Arun Vir Singh.

Earlier, YEIDA had asked Jaypee Group to pay 15 per cent of the total outstanding amount of Rs 600 crore by 15 April.

Jaypee Group had paid only Rs 10 crore out of Rs 90 crore to YEIDA and had sought four months time to repay the total dues. The group has developed a sports city on some part of the total land parcel.

With PTI inputs


Published Date: Apr 20, 2017 10:45 am | Updated Date: Apr 20, 2017 10:45 am