Thousand of homebuyers are given hope when YEIDA step in to relaunch 12 projects that were stalled under Jaiprakash Associates LTD

By Bricksnwall | 2025-05-03

The Jaypee case has been updated: YEIDA has announced that it will use its own funds to complete 12 unfinished projects that the Jaypee Group was unable to complete.

Projects along the Yamuna Motorway, initiated by the troubled company Jaiprakash Associates Limited, have given thousands of buyers who have been waiting years to move into their stalled homes a glimpse of hope.

The Yamuna Motorway Industrial Development Authority (Yeida) has said that it will cover the gaps with its own funds because the Jaypee Group was unable to complete 12 projects. To further help affected clients, Yeida would also launch a specialist online portal that would offer a centralized platform for official communication, real-time information, and refund claims, according to a story in the Hindustan Times newspaper.

Arun Vir Singh, CEO of Yeida, met with affected residents on May 2 to talk about choosing a new developer and addressing grievances.

"Yeida has committed to funding the construction work to ensure timely delivery of flats in line with the directives of the Allahabad High Court," Singh said. "Our objective is to provide consumers with a hassle-free resolution, regardless of whether they choose to take possession of their properties or depart with a refund. The new platform will provide buyers with information without requiring them to visit our locations.

Yeida has hired the consulting firm Currie & Brown to conduct a comprehensive ground survey and assess the current condition of these housing developments. The business has 15 days to submit its report.

Singh told the newspaper that a request for proposals (RFP) would subsequently be made in order to select a new developer who would complete the work utilizing the Engineering, Procurement, and Work (EPC) approach.

The urge to move into their residences is expressed by homebuyers.

"We reserved an apartment in this project in 2011 with the intention of moving in by 2014." But we have been striving for justice ever since. In 2020, Yeida ended the project land lease. Yeida was given the order to move forward with the project after Jaypee took the matter to the Allahabad High Court. We now want to get possession because Yeida has committed and is willing to pay. In a May 2 meeting with the CEO, Shamendra Singh, general secretary of the Jaypee Sports City welfare society, was quoted by the Hindustan Times as saying, "There are 8,000 homeowners who are struggling as a result of Jaypee Associates Limited's negligence.

Officials say affected buyers would be able to enter details through the dedicated online site, such as their decision to opt out or proceed with the project, project registration, and payment history with the previous developer.

The Allahabad High Court's order's main instructions

After the Allahabad High Court affirmed Yeida's decision to terminate the lease, Jaiprakash Associates Limited (JAL) has formally lost control of the project. Now that the lease is in Yeida's name, the company has the entire ability to assume control and finish the development that has halted.

These initiatives will now be overseen by a committee appointed by the High Court.

In February 2020, Yeida terminated the land assignment since the dues were not paid. "The Allahabad High Court upheld this cancellation earlier this year and instructed the authority to take over and finish the housing projects," Singh said during the conference.

The chairman of UP-RERA or a designated representative, Yeida CEO Arun Vir Singh, the principal secretary of Industrial Development, a housing department representative, and the authorised homebuyer representative are all members of the high-level oversight committee.

Additionally, the authority intends to proceed with its initial plan to build sporting facilities that meet worldwide standards.

Additionally, the period from February 2020, when JAL's allocation was annulled, until March 2024, when the court's verdict was rendered, was marked as a "zero period." Therefore, during this period, homebuyers won't be liable for interest payments on their loans to the developer.

The lawsuit began in 2008 when Yeida awarded approximately 1,000 hectares of property under the Special Development Zone (SDZ) to Jaypee International Sports, a division of JP Associates, for the construction of a sports city. This led to the construction of the Buddh International Circuit, which hosted a MotoGP race in 2023. Nevertheless, other residential structures were never completed.

Source: Hindustan Times