The Yamuna Expressway Industrial Development Authority (Yeida) on Friday said it has directed consultant firm Currie & Brown to begin study and audit work of stalled Jaiprakash Associates Limited’s (JAL’s) 12 housing projects and submit the report by July 16.
Yeida hired the agency in May for a survey to determine the exact status of the stalled housing projects including apartment towers and plotted development, but JAL failed to complete the survey citing fund crunch, said officials.
Thousands of homebuyers are stuck in 12 stalled residential projects of Jaypee Associates Limited along the Yamuna Expressway. The case goes back to 2008, when Yeida allotted about 1,000 hectares of land under the Special Development Zone (SDZ) to Jaypee International Sports, a subsidiary of JP Associates, to build a sports city.
The process was halted when JAL challenged the Allahabad high court order in the Supreme Court. Now the matter is pending before the Supreme Court. However since there is no ‘stay’ over the HC order the Yeida is continuing implementation of the order’s directives, said officials.
“We have officially signed an agreement with the Currie & Brown that has been given a month’s time to survey and submit the audit by July 16 so that we can get the exact status of the site. The agency in its report will provide the details of the total number of units proposed, and plots planned in JAL’s project that was part of Formula One’s sports city project. The report will contain the latest details including how many apartments are to be finished and delivered, and how many plots are proposed, and how many plots’ possession is given etc,” said Arun Vir Singh, chief executive officer of the Yeida.
The Yeida wants to know what percentage of work is incomplete and finished on apartment towers, and also of the plotted area, said Singh. “Once we have these details, we can figure how much time it will take to complete and deliver the projects, and how much funds we require to deliver justice to thousands of homebuyers. We will be having the exact deadline of all the towers and plotted areas to share with the buyers. Once the survey is done we will also finalize the developer to be engaged to finish and deliver the projects,” said Singh.
The project included the Buddh International Circuit, which hosted a MotoGP race in 2023, and several residential developments that were never completed.
“Due to non-payment of dues, Yeida cancelled the land allotment in February 2020. Earlier this year, the Allahabad High Court upheld this cancellation and directed the authority to take over and complete the housing projects,” said Singh.
“We booked a flat in this project in 2011 with hope to get the possession in 2014. But we are still waiting for justice. In 2020 the Yeida cancelled the lease of the project land. JAL took the matter to Allahabad High court that has ordered the Yeida to build the project. Now we hope that we get the possession as the Yeida has assured us, and it is ready to infuse the funds. There are around 8,000 homebuyers who are in distress due to the fault of the Jaypee Associates Limited,” said Shamendra Singh, general secretary of Jaypee Sports City welfare society.
The high-level oversight committee includes the Principal secretary of industrial development, the Chairman of UP RERA, a nominated representative, Yeida CEO Arun Vir Singh, a representative from the housing department, and the authorised homebuyer representative. The authority also plans to go ahead with developing international-standard sports infrastructure as originally planned, as per the high court order.
As per the Allahabad high court order the Jaiprakash associates Limited has lost the project as the order upheld the Yeida’s decision to cancel the lease. Now the Yeida has the lease in its name, and a mandate to build the project.