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Real Estate Details

Bought a Noida house? 14 projects just got stalled along Yamuna Expressway

Press Trust of India / 20 Apr 17 | 10:02 AM

Real Estate

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, including Jaypee group. According to sources in the authority, the building plans have been cancelled as they did not address objections raised by the authority. The move is likely to affect hundreds of home buyers too, who have made investments in these projects.

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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 May 15 to pay 15 per cent, which is Rs 90 crore. We have directed them to clear the remaining amount by August end," YEIDA CEO Arun Vir Singh had told PTI.

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

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 sports city on some part of the total land parcel.

17 projects cancelled of six builders. They are:

1. Jaypee Infratech: Out of the 17 group housing projects, 12 belong to Jaypee Infratech. Projects of Jaypee Infratech are located in Sector 19, 25 and 22B along the Yamuna Expressway

2. Gaursons: 2 are of Gaursons

3. VGA Developers: 1 project

4. Ajnara Group: 1 project

5. Orris Group: 1 project

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