In a strategic move towards revitalizing the real estate landscape in Noida, the Yamuna Authority is considering reinstating a proportionate land parcel to Jai Prakash Associates Ltd (JAL), contingent upon the developer's commitment to clearing dues amounting to Rs 200 crore upfront. This proposition marks a pivotal juncture in the ongoing dialogue between the Authority and JAL, with the potential to breathe new life into stalled residential projects within the region.
The genesis of this discussion dates back to the allocation of approximately 1,000 hectares of land to Jaypee International Sports, a subsidiary of JAL, in Sector 25 for the development of a visionary Sports City under the special development zone (SDZ) scheme. Among the notable landmarks encompassed within this sprawling expanse is the revered Budh International Circuit (BIC), which garnered international acclaim by hosting the prestigious MotoGP Bharat event in September of the preceding year.
However, the trajectory of progress encountered a significant hurdle in February 2020 when the Yamuna Expressway Industrial Development Authority (YEIDA) rescinded JAL's land allotment due to substantial outstanding dues. While YEIDA asserts the dues to be approximately Rs 3,621 crore, inclusive of land premium, lease rent, and additional farmer compensation, JAL contends that the actual amount owed is significantly lower, totaling Rs 1,483 crore. Presently, this contentious issue awaits adjudication by the esteemed Allahabad High Court, underscoring the complexity of the situation.
In December 2023, amidst fervent efforts to chart a path towards resolution, Jaypee International Sports submitted a comprehensive proposal aimed at settling outstanding dues and formulating a robust resolution plan for the completion of stalled residential projects. Following meticulous deliberation, the 79th board meeting of the Yamuna Authority convened on January 29, culminating in the formulation of a conditional restoration plan for JAL.
Under the purview of this plan, JAL is mandated to remit a lump sum payment of at least Rs 200 crore, inclusive of restoration charges, as a prerequisite for deliberating the reinstatement of a proportionate land parcel. Moreover, the Authority has extended an olive branch by delineating a roadmap for the gradual clearance of remaining dues by JAL in manageable installments, underscoring a spirit of collaboration and pragmatism.
In tandem with these deliberations, the Yamuna Authority has proactively liaised with the industrial development department, soliciting approval for extending the ambit of rehabilitation benefits to encompass the 14 residential projects ensconced within the SDZ. This concerted effort aligns with the overarching objective of alleviating the financial strain on JAL while fostering tangible benefits for the multitude of homebuyers eagerly anticipating the fruition of their investments.
It is imperative to underscore the nuanced distinction between residential projects operating under the Sports City scheme and those operating within the SDZ. Whereas the former reserves 70% of land for sports facilities and allocates the remaining 30% for residential, commercial, and ancillary purposes, the latter adopts a more balanced distribution, earmarking 35% of land for sports facilities and the remaining 65% for diverse categories, including residential endeavors.
The envisaged relief holds immense promise not only in assuaging the financial burdens plaguing JAL but also in heralding a renewed sense of optimism for the myriad stakeholders vested in the successful culmination of these projects. By fostering an environment conducive to collaborative
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