On Monday, Yamuna Expressway Industrial Development Authority declared that Jaypee Group has paid 15% of the outstanding dues it owes to the Authority for the land on which it has developed a sports city. Out of the total amount of Rs.600 crore, Jaypee Group has paid Rs.100 crore.
In March, 2017, a final and strict notice was issued to the builder by the Authority, following which the developer paid Rs.10 crore. By 31st August 2017, Jaypee is now instructed to pay the next installment of Rs. 384 crore.
As per the CEO of YEIDA, Jaypee Developers has been showing defaults in paying installments for five years now. The land in concern had been allotted to the builder for development of residential projects under Special Development Zone bracket in three pockets of YEIDA.
Because of the constant defaults made by the builder, allottees are facing hardships. The construction has not even started on the land. And therefore, the notice was issued to the builder.
An amount of Rs.300 crore is still to be paid by the developer for the 165km long expressway connecting Agra and Greater Noida. Apart from this, an amount of Rs.1200 crore also has to be given for compensation to all the farmers for the land acquired.