Even after YIEDA nod, will Jaypee Grp get back Formula-1 Buddh Circuit land
New Delhi: The Yamuna Expressway Industrial Development Authority (Yeida) has paved the way for Jaypee Grp to again acquire about 1,000 hectares of land. This includes the land parcel where Formula-1 Buddh International Circuit is situated.
Earlier this week, Yeida cleared a proposal for the same. In December 2019, Yeida had cancelled the allotment of land to Jaypee Grp which defaulted on payment of Rs 1,000 crore to the authority.
Now the question is whether Jaypee Grp will be able to reclaim the land with its stretched resources. The authority has said it would give some more time to the realty player to pay off all the dues provided it satisfies some conditions.
“The first condition is that they deposit 10 percent of the total dues upfront. Subsequently, they will get an opportunity to pay the remaining dues in instalments, and the total dues amount will have to be paid by 2023. We will not allow them to pay beyond 2023,” said Yeida Chairman Arvind Kumar who is also Uttar Pradesh Additional Chief Secretary.