The Yamuna Industrial Developmental Authority (YIDA) on Wednesday canceled the allocation of 1000 hectares of land allotted to JP International Sports Special Development Zone in Sector-25. The authority has canceled the allotment for non-payment of an outstanding amount of one thousand crores. This property worth about 20 thousand crores will now be in the name of YIDA.
The Yamuna Authority during the BSP government had allocated a plot of about one thousand hectares to JP International Sports during the years 2009 to 2010 in Sector 25 for sports activity in the SDZ category. Between 2009 and 2011, the Authority leased 965.73 hectares of land in favor of the company. In its 35 percent share, sports were recognized as core activities and the rest for other activities.
Following the final notice, the company had sought extension of time from the authority citing its poor economic condition. The organization was given an extension of time under a rescheduling policy. In 2017, the company deposited another three hundred crore rupees against the outstanding amount but did not pay the remaining installments in time. Authority CEO Dr. Arunveer Singh on Wednesday canceled the allotment of the plot, due to the arrears of about one thousand crore rupees including a bank guarantee of hundred crores.
In addition to Formula One, Cricket Stadium in the SDZ, Jaypee International Sports has ten residential projects. This includes Country Homes One and Two, Crown, Greencrest Homes, Bougainvilleas, Vile Expenza, Sportsville, Kasia, Kova and Buddha Circuit Studios. 4605 flats and plots have been sold in it. The company has also recovered Rs 1900 crore from company investors against 2433.41 crores. But despite the allocation being canceled, the interests of investors will be protected.
In addition to recovering its funds from the capital raised by a fresh allocation of vacant land, the authority will complete the incomplete projects and take possession of the flat, plot to the investors. Apart from this, the builders to whom JP International Sports has sold the land. The authorization will also protect their interests.
Despite the allocation being canceled, the format of Formula One and Cricket Stadium will remain intact. The authority will enter into an agreement with the private company for their operation. Global tenders may be issued for this.
