As an important step to end a long-standing problem and expediting stalled developments, the Yamuna Expressway Industrial Development Authority (YEIDA) has created an exclusive committee to deal with the completion of Jaypee projects in Noida. The committee, initiated by an order of Allahabad High Court, presents a sliver of hope to nearly 4,600 homebuyers who have been waiting for completion of their entitlements for years.
The newly established committee comprises essential stakeholders, including the Principal Secretary of Industrial Development, the Chairperson of UP-RERA, the CEO of YEIDA and a homebuyer representative. The committee’s principal responsibility is to track and ensure the timely completion of the pending Jaypee projects in Noida. In the forthcoming months, the committee will release a RFP to engage able developers who will assume the responsibilities of undertaking the completion of the projects. Importantly, homebuyers are guaranteed their properties at the same purchase prices as initially agreed to, without any increase in costs.
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The troubles related to the Jaypee projects at Noida started in 2008, when YEIDA first allotted 1,000 hectares of land under the Special Development Zone policy of developing a sports-centric region with the Formula One Buddh International Circuit. Jaypee Associates Limited (JAL) claimed to have invested ₹2,500 crore in the project as of 2017. Nevertheless, YEIDA contended that only 5.5% of the development area was completed, and a lengthy legal dispute ensued. Consequently, it caused woes to several homebuyers who were left stuck, with many of them booking their flats between 2011 and 2012 and paying up to 95% of the flat costs.
The Allahabad High Court has established mandatory completion deadlines for the redevelopment of the Jaypee projects in Noida. Projects that are 75% complete are to finish within one year, followed by those at 50% completion to finish within 18 months, 25% at 30 months, and the rest are subject to 36-months completion. The period of February 2020 to the date of this judgment has been determined to be a "zero period." During this time, homebuyers will have no obligation to pay interest or penalties.
YEIDA has also indicated that it will name a nodal officer to handle outstanding payments and ensure the timely release of funding for construction so as to further facilitate the completion of the Jaypee projects in Noida.
The committee's proactive approach is anticipated to hasten the completion of the unfinished Jaypee developments in Noida, as well as to create a concrete exit plan for purchasers of the projects who want a refund. Given the participation of essential government and regulatory authorities, this initiative is anticipated to restore stability and confidence to the real estate market in Noida.
The measures initiated by YEIDA to finish the Jaypee projects in Noida is a welcome respite for a large number of stranded homebuyers. By guaranteeing that the projects are finished timely, the government is paving the way for a credible and transparent real estate condition in the region.
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Ans 1. YEIDA has formed a special committee to ensure the timely completion of pending Jaypee projects in Noida, following the Allahabad High Court's order.
Ans 2. The committee includes the Principal Secretary of Industrial Development, the Chairperson of UP-RERA, the CEO of YEIDA, and a representative of homebuyers.
Ans 3. Approximately 4,600 homebuyers have been waiting for the completion of their properties for several years.
Ans 4. No, homebuyers will receive their flats at the originally agreed prices without any additional cost.
Ans 5. 75% completed projects: Within 1 year 50% completed projects: Within 18 months 25% completed projects: Within 30 months Remaining projects: Within 36 months
Ans 6. The Allahabad High Court ruled that the period from February 2020 until the recent judgment is a “zero period,” meaning homebuyers will not have to pay interest or penalties during this time.
Ans 7. YEIDA will appoint a nodal officer to manage outstanding payments and ensure timely release of funds for project completion.
Ans 8. The committee will also create an exit plan for homebuyers who prefer a refund instead of taking possession of their property.
Ans 9. Jaypee Associates Limited (JAL) received 1,000 hectares of land in 2008 for a sports-centric development but failed to complete the promised projects, leading to legal disputes with YEIDA.
Ans 10. By ensuring project completion and providing transparency, the initiative aims to restore homebuyer confidence and stabilize Noida’s real estate sector.