Noida: Uttar Pradesh government has taken a move that may affect thousands of home-buyers and further deepen the crisis in real-estate industry. Yamuna Expressway industrial development authority (YEIDA) has cancelled several projects including the building maps of 12 group housing projects owned by Jaypee Infratech, Gaursons, Orris Group, VGA Developers and Ajnara Group.
According to the YEIDA officials, the plans were cancelled after it came to light that the five builders had not cleared some objections raised by the Authority regarding the building plans between 2014 and 2016.
About the projects that were cancelled:
- Out of twelve that were cancelled
- Seven belong to Jaypee Infratech
- Two are of Gaursons
- One each is owned by Ajnara, Orris Group, VGA Developers
- The projects are located in sector 19, 25 and 22B along Yamuna Expressway.
- The Jaypee group was given land in lieu of the Yamuna Expressway project between Greater Noida and Agra, on a concessionaire agreement.
What Arun Vir Singh, CEO, YEIDA said:
- Other builders have been allotted land for group housing projects in different areas of the Authority.
- The YEIDA has cancelled building maps of the 12 housing projects because they did not get them approved within specific time period.
- The builders have even sold out flats to home-buyers without getting requisite approvals.
- The builder was to construct residential units as well as commercial pockets in other areas.
- Though we approved the layout plan of 11 projects, our planning department raised some objections in the building plan of the other projects.
- These objections were to be addressed by the builder and plans should have been re-submitted for approval. This was not done.
- Same is the problem with projects located in sectors 19, 25, 22A and 22D and that no construction has been carried out.
- The developers had submitted their maps in 2015-16 and the authority raised objections in those maps. The developers are yet to clear the objections.
- I have issued notices to each developer asking them to submit details of flats sold and money that has been collected from the investors.
- Last week YEIDA had cancelled building plans of five other projects of the Jaypee group in Sports City East.
It is worth mentioning that the six-lane, 165-km long Yamuna Expressway is a controlled-access expressway, which connects Greater Noida with Agra in Uttar Pradesh. The entire cost of project was approximately Rs 128.39 billion, that roughly translates to USD 2 billion.