Yeida injects funds to finish 12 JAL projects
At a meeting with homebuyers on Friday, Yeida CEO Arun Vir Singh discussed issues related to finalising a new developer and the process to address the grievances. 'Following the Allahabad High Court orders, Yeida has decided to infuse funds from its own pockets so that the work can start and homebuyers can get apartments without further delay. Our objective will be that the homebuyers get hassle-free justice and choose to either exit by taking refund or take possession of their flat. We have decided to form a portal so that the buyers get updates without visiting our office,' the Yeida CEO said.
For the purpose, Yeida has hired a consulting firm Currie & Brown to conduct a comprehensive ground survey and assess the current condition of these housing schemes. The firm is expected to submit its report within 15 days. 'Following this, a request for proposal (RFP) will be drafted to select a new developer under the Engineering, Procurement, and Construction (EPC) model to complete the construction,' Singh said.
Hope floats for thousands of homebuyers as their houses are stuck in the stalled residential projects of Jaypee Associates Limited along the Yamuna Expressway.
'We booked a flat in this project in 2011 with the hope of getting possession in 2014. But we have been struggling since then to get justice. In 2020 Yeida cancelled the lease of the project land. Jaypee took the matter to the Allahabad high court, which has ordered Yeida to build the project. Now we hope to get possession as Yeida has promised and is ready to infuse funds. There are 8,000 homebuyers who are in distress due to the fault of Jaypee Associates Limited,' said Shamendra Singh, general secretary of Jaypee Sports City welfare society, who met the CEO on Friday.
Through the platform, officials said, affected homebuyers will be able to submit details such as project registration, payment history with the previous developer, and their preference to either continue with the project or opt out.
The authority has named Amarpal, who has been representing the buyers in the National Company Law Tribunal (NCLT) proceedings, as the authorised representative of the homebuyers on the high court-mandated committee.
'A sub-committee of various homebuyers' associations has been formed to protect buyer interests and coordinate with the authority, Amarpal will be the sole representative on the formal committee. OSD Shailendra Bhatia has been appointed as the nodal officer to address homebuyers' complaints and ensure smooth execution of the revival process,' Singh announced.
According to the Allahabad high court order, Jaiprakash Associates Limited (JAL) has lost the project as the order upheld Yeida's decision to cancel the lease. Now Yeida has the lease in its name, and the mandate to build the project as JAL has lost control over it.
To recall, 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 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,' Singh explained at the meeting.
The high-level oversight committee includes the principal secretary of Industrial Development, chairman of UP-Rera or 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.
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