Yamuna Authority restores 1,085 hectare land to Jaiprakash Associates

The Yamuna Expressway Industrial Development Authority (Yeida) has restored close to 2,500 acres of land to Jaiprakash Associates Ltd (JAL) that had been reclaimed by the authority after default by the builder.

The land, which also has the Formula One (F1) race track, was allotted to Jaypee Sports International Ltd (JPSI), a subsidiary of Jaypee Group, in 2008.

“The company will have to deposit 10% of the current value of the land as restoration charges,” said Arun Vir Singh, CEO of Yeida.

Sources said the current value of the land could be about Rs 6,000 crore.

JAL had moved the court last year challenging the cancellation of land allotment by Yeida.

JAL is a separate entity from Jaypee Infratech, which is into insolvency.

The 1,085.33 hectares land was allotted for development of F1 race track, other support facilities and some real estate projects under the Special Development Zone (SDZ) policy.

“We have not received any letter from the authority so far. We will be able to comment once we receive any official communication,” said a JALspokesperson.

In its board meeting on Monday, Yeida had approved restoration of the land parcel with some riders.

“Once the restoration process is done, the applicant will have to submit 5% of the default amount to start the rescheduled payment plan,” said a Yeida official. “They will have to deposit another 5% within 30 days and then the balance payment has to be completed by 2023 as per the rescheduled plan.” .

JAL has already paid close to Rs 1,200 crore and payment of about Rs 1,000 crore is pending.

The company had asked Yeida to allow them to pay by 2030.

JAL had moved the Allahabad High Court after the cancellation order and the court had asked the company to deposit Rs 100 crore.