Representative imageNoida: The UP government has approved the formation of a committee to complete the stalled projects of JP Associates Limited Yamuna Expressway Authority.
This follows the Allahabad High Court's order of March 10, which retains the authority's 2020 decision to cancel the allocation of 1,000 hectares of land along the Yamuna Expressway. The High Court directed to set up a high-level committee within four weeks to ensure the completion of residential projects.
Officials said the committee was constituted under the chairmanship of Principal Secretary (Housing and Industrial Development) Alok Kumar and will also have an authorized representative of the CEO of Yeda, CEO and board.
CEO Arun Veer Singh said, “In compliance with the directions of the High Court, the RFP document has been almost finalized. We are planning to swim within two to three weeks to appoint a developer, which can handle and distribute long -delayed housing units.” He said, “Our priority is to protect the interests of homebuilders and distribute the houses made without promising any additional financial burden on them.”
On Monday, the Supreme Court demanded a stay in a case filed by water on the orders of HC. A bench, led by Chief Justice of India Sanjeev Khanna, refused to continue the High Court's 10 March order and asked Yida to meet the housing projects and submit an action plan to settle the dues with banks and lenders. The matter will now be heard again on 13 May.
In 2008, Yeida introduced its special development sector (SDZ) policy to attract investment in sports, education and healthcare. Jal was allocated 1,000 hectares on June 11 under this policy, with a commitment to develop a sports-focused area in the same year, which included Formula 1 Buddha International Circuit.
Water was to develop many residential projects- Jaype Grins Boganvilleus, JP Greens Country Homes I & II, Jaypee Greens Greens Greencrest Homes, Jaypee Greens Krowns, Jaypee Greans Kove, Jaypee Greans Buddh Circim Sportios and JP Greens Villa Exense- Within SDZ. The region also has BIC – India's only F1 racing track and site for 2023 Motogp races.
Despite collecting around Rs 1,900 crore from homebuilders – about 80% of the estimated Rs 2,433 crore to complete housing units failed to complete the JAL projects. According to Yeda's latest assessment, Rs 532 crore is to be collected from homebuilders. Many of the housing projects saw minimum progress, some 25% was not completed.
In its order, the High Court has completed the phased timeline. The court said that projects which are already 75% complete will have to end within a year. Those 50% perfection has an 18 -month time limit, while only 25% of full projects are to be completed in 30 months, while all others should be distributed within 36 months.
Yeda identified more than 650 acres of unused land within SDZ, which it plans to miles for the completion of these housing projects. Officials said that the market rate prevalent for land in this area ranges from Rs 80,000 to Rs 1 lakh to Rs 1 lakh to Rs 1 lakh, making the project financially viable without burdening buyers.
