The YEIDA - Yamuna Expressway industrial development authority has led an examination of the Jaypee Sports City project site for a notice of the ongoing state of this realty project, the authority has uncovered in a statement.
The move followed the Allahabad high court’s headings to Yeida to really take a look at the ongoing status and present a report about it so the court could choose the case forthcoming before it, said authorities.
In 2020, Yeida had dropped the allocation of Jaypee Sports City that is situated along the Yamuna Expressway, owing to non-payment of the monetary contribution by the real estate company.
In the years 2009–10, YEIDA granted Jaypee International Sports, a subsidiary of JAL, permission to use 1,000 hectares of land.
The project was part of a plan to build a Sports City in a SDZ - special development zone. The SDZ includes the Buddh International Circuit, where the MotoGP Bharat international bike racing event was held in 2023.
The Games City is additionally having 14 housing projects containing 9,000 homebuyers, who are languishing as they actually stand by over the ownership of the units in this venture.
Yeida says that JAL needs to pay Rs. 3,621 crore in debt, which includes land premium, lease rent, development costs, and additional farmer compensation of 64.7 percent. JAL, on the other hand, stated that it only needed to pay YEIDA Rs. 1,483 crore rupees.
According to Yeida officials, the Allahabad high court will soon finalize the dues and resolve the issue that is holding up the project.
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