Expertises

Jaypee Shells Out Rs. 100 Crore In Dues To Yamuna Expressway Authority

The Yamuna Expressway Authority includes a number projects under its custody. While most of them are already in the process of building up, but there are a few works which are not getting started up because of the builder’s negligence. The reporter of Economics Times, Delhi, Vandana Keelor has recently reported that Yamuna Express Highway Industrial Development Authority (YEIDA) have told the press media on 15th of May that 15% of the total amount which was required to build the huge 1,000-hectare plot. Here they have built an astounding sports city has been paid by Jaiprakash Associates Ltd. (Jaypee). They had to pay a total of Rs. 600 core out of which Rs. 100 crore has been already paid. After a serious notice by the YEIDA to the Authorities, another Rs. 10 crores has been paid to the officials that happened in this March. However, the next installment is of Rs. 384 crore which they are supposed to pay by 31st August 2017. Over the last five years, these developers have not paid the installments on time. According to Arunvir Singh, the chief executive of YEIDA has claimed the fact. He also says that this particular land where the sports complex is built was allotted to the developers in three different categories under the Special Development Zone (SDZ) category for building up of small residential units. The developers are solely responsible for the delays that are being made in the process of building up of the area. Those who have bought land in that particular construction project area are waiting for its build up so that they can settle down over there in the next 2-3 years or as soon the project is done. Therefore, recently the YEIDA has issued a notice to builders reminding them that they are yet to pay Rs. 90 crore in lieu of the last installment, i.e., for the month of March. To help them out, the authority even extended the dates of paying the money after they paid Rs. 10 crores even after that the builders do not seem to revert, and it is now creating a problem for both YEIDA and the common people who are aspiring to stay there. May 15th was the last date for paying the first share of installment, say the officials when asked by the press reporters. Apart from this payment which is due, the builders are yet to pay Rs. 300 crore for the 165 Km expressway that connects Greater Noida and Agra. Only after this money is received, it will be given to those farmers whose land was taken due to the buildup of the expressway which sums up to 64.7% and says the matter is trying to find its way out through the ups and downs.

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Arihant Jain
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