Home-buyers hit as Yamuna Expressway body cancels 17 projects

news
20 April 2017

In a massive blow to real estate developers, the Yamuna Expressway Industrial Development Authority (YEIDA) has cancelled the building plans of 17 projects of six builders as the building plans did not address objections raised by the authority.

The Jaypee Group is the hardest hit, as it was developing as many as 12 of these projects. The move is also likely to affect hundreds of home buyers who have made investments in these projects.

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

The builders did not submit the new building plans for approvals, so the authority cancelled the plans of 17 projects. The developers will have to apply afresh to get approval of their building plans.

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

On Wednesday, YEIDA asked the Jaypee Group to pay the total outstanding amount of Rs600 crore by August against a 1,000-hectare land parcel allotted to the company.

"We have given one month time to Jaypee group till 15 May to pay 15 per cent, which is Rs90 crore. We have directed them to clear the remaining amount by August end," YEIDA chief executive officer Arun Vir Singh had told PTI.

Earlier, YEIDA had asked Jaypee Group to pay 15 per cent of the total outstanding amount of Rs600 crore by 15 April. Jaypee had paid only Rs10 crore out of Rs90 crore to YEIDA and had sought four months to repay the total dues. The group has developed sports city on part of the total land parcel.

Apart from Jaypee, the other realtors affected by the YEIDA cancellations are Gaursons (two projects), VGA Developers (one project), Ajnara Group (one project) and Orris Group (one project).





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