Thousands of homebuyers of Jaypee Associates Limited (JAL) can finally breathe a sigh of relief as the Uttar Pradesh government takes decisive action to complete the long-delayed Sports City projects. The Yamuna Expressway Industrial Development Authority (YEIDA) has announced plans to hire a developer to expedite the completion of stalled housing and sports infrastructure, fulfilling the long-overdue promises to JAL buyers.
Formation of a High-Level Committee
In a significant move, the UP government has approved the formation of a high-level committee to address the delayed projects of JAL. This committee includes key stakeholders such as the principal secretary of Industrial Development, the chairman of UP-RERA, the CEO of YEIDA, and representatives of homebuyers. The objective is to ensure swift action and proper oversight in completing these stalled projects.
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YEIDA’s Request for Proposal (RFP): A Step Forward
YEIDA is set to issue a Request for Proposal (RFP) within two to three weeks, as per CEO Arun Vir Singh. The RFP aims to appoint a reliable developer who can take over and complete the unfinished housing projects and sports infrastructure. This initiative follows a March 10 directive from the Allahabad High Court, which ordered the UP government to form a committee and expedite project completion for JAL buyers.
Legal Challenges and Supreme Court’s Stance
JAL, through its resolution professionals, sought a stay on the High Court’s order, citing protections under the Insolvency and Bankruptcy Code (IBC). The firm argued that the land in question is a corporate asset and cannot be interfered with during insolvency proceedings. However, the Supreme Court, while refusing to stay the High Court’s order, directed YEIDA to prepare an action plan to complete the projects.
The Impact on Delayed Projects
The 1000 hectares of land allocated to JAL in 2008 under YEIDA's Special Development Zone (SDZ) policy were meant for the development of a sports-centric zone, including housing, sports infrastructure, and commercial spaces. However, projects like Country Homes 1 and 2, Greencrest Homes, Sportsville, and Budh Circuit Studios remain incomplete.
YEIDA plans to sell 662.5 acres of unutilized land, valued at ₹1 lakh per square meter, to generate funds for the completion of these projects, making the initiative financially viable.
Hope for JAL Buyers
YEIDA is also engaging organizations like the BCCI and the Indian Olympic Association to develop international-level sports infrastructure, aligning with the original vision of Sports City. For thousands of JAL buyers who have waited over a decade, this proactive approach offers a glimmer of hope.
Conclusion
The Uttar Pradesh government and YEIDA’s efforts to resolve stalled projects signal a positive turn for JAL buyers. With the formation of a high-level committee, issuance of an RFP, and plans to raise funds through unused land, the completion of housing units and sports facilities now seems achievable. While legal complexities continue, the focus remains on delivering homes and infrastructure to those who have been waiting patiently for years.
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Ans 1. YEIDA (Yamuna Expressway Industrial Development Authority) is responsible for hiring a developer to expedite the completion of delayed housing and sports infrastructure projects in Sports City.
Ans 2. The projects were delayed due to financial challenges faced by Jaypee Associates Limited (JAL), coupled with legal and administrative hurdles.
Ans 3. The high-level committee oversees the resolution of delayed projects, ensuring swift action and transparency. It includes stakeholders like UP-RERA, YEIDA, and homebuyer representatives.
Ans 4. An RFP (Request for Proposal) is a document soliciting proposals from developers interested in completing the stalled projects. YEIDA’s RFP aims to appoint a reliable developer for the job.
Ans 5. The Supreme Court refused to stay the Allahabad High Court’s directive and instructed YEIDA to prepare an actionable plan for completing the projects.
Ans 6. YEIDA plans to sell 662.5 acres of unutilized land at ₹1 lakh per square meter, generating funds for the completion of stalled projects.
Ans 7. Incomplete projects include Country Homes 1 and 2, Greencrest Homes, Sportsville, and Budh Circuit Studios.
Ans 8. Many homebuyers have been waiting for over a decade for their housing units due to delays in project completion.