Jaiprakash Associates could regain land upon settling Rs 2 billion dues
ECONOMY & POLICY

Jaiprakash Associates could regain land upon settling Rs 2 billion dues

The Yamuna Authority stated that they might consider reinstating a corresponding land parcel off the expressway to Jai Prakash Associates (JAL) if the developer agreed to settle Rs 2 billion dues upfront. It was also mentioned that a letter had been written to the government, urging them to extend the rehabilitation package to the realtor for its 14 stalled residential complexes. This was in alignment with the relief package introduced by the state government in December 2023, based on the recommendations of the Amitabh Kant committee.

Approximately 1,000 hectares were allocated to Jaypee International Sports, a subsidiary of JAL, in 2009-10 under a special development zone (SDZ) scheme in Sector 25 for the development of a Sports City. The Budh International Circuit (BIC), which hosted the MotoGP Bharat?an international bike racing event?in September of the previous year, is a part of this land parcel. Additionally, nearly 9,000 homebuyers in the 14 residential complexes under the SDZ are awaiting the completion of their flats.

In February 2020, YEIDA canceled JAL?s land allotment due to non-payment of dues. While the Authority stated the amount to be Rs 36.21 billion, including land premium, lease rent, and additional farmer compensation, JAL argued that it was significantly lower at Rs 14.83 billion. The case is presently under consideration by the Allahabad High Court. Officials mentioned that JAL has officially requested the Yamuna Authority to reinstate its land. In December 2023, Jaypee International Sports submitted a proposal for settling dues and a resolution plan to complete its stalled residential projects.

During its 79th board meeting on January 29, the Yamuna Authority made the decision to present a conditional restoration plan to the realtor. According to Yamuna Authority CEO Arun Vir Singh, after assessing the proposal, the governing board concluded that Jaypee International Sports Ltd must deposit a lump sum of at least Rs 2 billion, which includes the restoration charges, before a decision on reinstating a proportionate land parcel could be considered. It was also decided that the process of restoring proportionate land parcels would proceed, contingent on JAL clearing its remaining dues in instalments.

Redefine the future of urban mobility! Join us at the Metro Rail Conference 2025 to explore groundbreaking ideas and insights. 👉 Register today!

The Yamuna Authority stated that they might consider reinstating a corresponding land parcel off the expressway to Jai Prakash Associates (JAL) if the developer agreed to settle Rs 2 billion dues upfront. It was also mentioned that a letter had been written to the government, urging them to extend the rehabilitation package to the realtor for its 14 stalled residential complexes. This was in alignment with the relief package introduced by the state government in December 2023, based on the recommendations of the Amitabh Kant committee. Approximately 1,000 hectares were allocated to Jaypee International Sports, a subsidiary of JAL, in 2009-10 under a special development zone (SDZ) scheme in Sector 25 for the development of a Sports City. The Budh International Circuit (BIC), which hosted the MotoGP Bharat?an international bike racing event?in September of the previous year, is a part of this land parcel. Additionally, nearly 9,000 homebuyers in the 14 residential complexes under the SDZ are awaiting the completion of their flats. In February 2020, YEIDA canceled JAL?s land allotment due to non-payment of dues. While the Authority stated the amount to be Rs 36.21 billion, including land premium, lease rent, and additional farmer compensation, JAL argued that it was significantly lower at Rs 14.83 billion. The case is presently under consideration by the Allahabad High Court. Officials mentioned that JAL has officially requested the Yamuna Authority to reinstate its land. In December 2023, Jaypee International Sports submitted a proposal for settling dues and a resolution plan to complete its stalled residential projects. During its 79th board meeting on January 29, the Yamuna Authority made the decision to present a conditional restoration plan to the realtor. According to Yamuna Authority CEO Arun Vir Singh, after assessing the proposal, the governing board concluded that Jaypee International Sports Ltd must deposit a lump sum of at least Rs 2 billion, which includes the restoration charges, before a decision on reinstating a proportionate land parcel could be considered. It was also decided that the process of restoring proportionate land parcels would proceed, contingent on JAL clearing its remaining dues in instalments.

Next Story
Infrastructure Transport

Design Flaw Stalls New Four-Lane Bridge Project in Jamshedpur

The construction of a four-lane bridge between Litti Chowk and NH 33 has been delayed due to design concerns. Current work is limited to bush clearing near Mango, as engineers have identified alignment issues with the bridge. They noted that a portion of the design encroaches into the Subarnarekha River, according to Executive Engineer Deepak Sahay. In response, survey teams are working on revised plans. The state government has allocated Rs 440 million for the bridge's construction, with an additional Rs 330 million earmarked for land acquisition. Tata Steel has contributed 20-30 per cent o..

Next Story
Infrastructure Transport

Govt Proposes Plan for Strategic Paddar-Zanskar Road Construction

The Government has prepared a proposal for the construction of the Paddar-Zanskar road, which will establish an additional connection between Jammu and Ladakh. This project aims to enhance tourism, bolster local economies, and facilitate the movement of troops to the China and Pakistan borders in Ladakh. Officials indicated that the Union Ministry of Road, Transport and Highways is expected to undertake the project after conducting a detailed study of its route. The road’s construction was initially announced by Union Home Minister Amit Shah during a public rally in Paddar in September las..

Next Story
Infrastructure Transport

TN Govt Allocates Rs 8.04 Bllion to Boost 746 Rural Roads

MK Stalin, Chief Minister, Tamil Nadu, unveiled a major initiative aimed at constructing and maintaining an extensive network of roads in rural areas. The State government announced that the project, with an estimated cost of Rs 8.04 billion, is designed to enhance connectivity for Tamil Nadu's rural population, thereby narrowing the divide between urban and rural regions. A government release highlighted that the project involves the construction of 746 roads covering a total distance of 1,452.97 kilometre across 37 districts in the state. It added that the initiative is being financed thro..

Hi There!

"Now get regular updates from CW Magazine on WhatsApp!

Join the CW WhatsApp channel for the latest news, industry events, expert insights, and project updates from the construction and infrastructure industry.

Click the link below to join"

+91 81086 03000