The Yamuna Expressway Industrial Development Authority [YEIDA] recently directed the Jaypee Infratech group to pay the first installment of Rs 108 crore of an outstanding of Rs 1,000 crore by December 31 or face cancellation of allotment of 1,000 hectares of land in Dankaur.
This is the final notice issued by the authority to this debt-ridden real estate firm.
The Jaypee group was allotted with 1,000-hectare land in the Special Development Zone [SDZ] for the construction of Formula One circuit and residential units in the Jaypee Sports City.
On the land, the Formula 1 Buddh International Circuit and a cricket stadium are already built and some of the land in Special Development Zone [SDZ] was sold to other developers, while the Jaypee group owed Rs. 600 crores to the YEIDA authority for its project.
This same project has now turned out to be of Rs. 1,000 crores, inclusive of the interest amount.
Earlier this year, the Jaypee group had applied for the reschedulement plan that the time when the Yamuna Authority issued them notice to clear dues. In response to which, the authority agreed to seek 10 installments till the year 2023 and the Jaypee group had to pay its first installment of Rs. 108 crores by September-end this year.
In its 64th board meeting, the Yamuna Expressway Industrial Development Authority took the decision to set December 31, 2018 as the deadline for the company to pay the first installment of the due. This decision was made as the Jaypee group did not comply with the authority.
Arun Veer Singh, CEO, YEIDA said that the recently sent notice is a final remainder to Jaypee Infratech, the real estate firm.