A final notice has been issued to Jaypee Infratech by the Yamuna Expressway Industrial Development Authority (YEIDA) making clear that it has to pay a sum of Rs.900 crores, otherwise the allotment of 1000 hectares of land will be cancelled.
The developers have been issued a show-cause through which they are asked to justify and explain that why their allotment should not be cancelled. Stringent and harsh action will be taken which can also include cancelling the lease, if Jaypee Infratech is not able to pay its dues by 15th April.
Jaypee Infratech has been at default for paying the installments for the allotted land even after several reminders by YEIDA. The land has been allotted to Jaypee Infratech for the last five years in three different pockets of YEIDA area for the construction of residential units. Till date, the construction has not even been started by the developers. The allottees are also facing hardships, the reason being the default of developers.
Apart from the notice issue by YEIDA to Jaypee Infratech to pay dues of Rs.900 crore, it also has to pay an additional amount Rs.1200 crore. This additional amount is in account of the compensation to be paid to the farmers for acquiring land in the area. This matter, however, is under judicial consideration and will be executed after an adjudicator steps in.
According to the sources, Jaypee Infratech refused to have received any notice from YEIDA.
Apart from Jaypee Infratech, YEIDA has seven more builders on its cards to be issued a show-cause notice. Before issuing, YEIDA is already in the process of cancelling seven allotments of these builders.
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