YEIDA Forms Special Committee to Complete Stalled Jaypee Housing Projects in Noida

In a major development aimed at providing relief to thousands of homebuyers, the Yamuna Expressway Industrial Development Authority (YEIDA) has established a four-member committee to oversee the completion of the pending housing projects of Jaypee Associates Limited (JAL) in Noida. This decision follows the directives of the Allahabad High Court and marks a significant step towards resolving long-standing delays in housing projects along the Yamuna Expressway. The move is expected to benefit around 4,600 homebuyers who have been waiting for their homes for years.

Committee to Oversee Project Completion

The newly formed committee comprises key stakeholders, including the Principal Secretary of Industrial Development, the UP-RERA chairperson, the YEIDA CEO, and a representative of the affected homebuyers. Their primary objective is to facilitate the completion of the stalled projects and ensure that homebuyers receive their properties at the originally agreed-upon prices, without any additional financial burden.

To expedite the process, officials have confirmed that a request for proposal (RFP) will be issued within three months to select developers responsible for finishing the pending construction. This step is expected to fast-track the completion of these long-delayed projects and bring much-needed relief to affected homebuyers.

Legal Battle and Project Background

The dispute between YEIDA and JAL dates back to 2005 when YEIDA initially allotted 1,000 hectares of land to Jaypee Associates under a special development zone policy. The aim was to create a sports-centric township, which included the Formula One Buddh International Circuit.

However, by September 2017, YEIDA alleged that Jaypee Associates had failed to fulfill its obligations under the agreement. The authority claimed that Jaypee had only completed 5.5% of the required developed area despite investing Rs 2,500 crore in the project. This led to a prolonged legal battle that eventually resulted in the cancellation of the land allotment in February 2020. In response, Jaypee moved to the High Court, leading to years of litigation and uncertainty for homebuyers.

Court-Mandated Completion Timelines

In a bid to ensure timely completion of the housing projects, the High Court has laid out strict deadlines:

• Projects that are already 75% complete must be finished within one year.
• Projects that are 50% complete must be completed within 18 months.
• Projects that are 25% complete should be ready within 30 months.
• Remaining developments must be finished within 36 months.

This structured timeline is expected to streamline the construction process and hold stakeholders accountable for timely execution.

Zero Financial Burden on Homebuyers

To protect homebuyers from further financial distress, the High Court has declared the period from February 2020 to the judgment date of March 10 as a ‘zero period.’ This means that homebuyers are exempt from paying any interest charges or penalties during this time. Additionally, YEIDA has announced plans to appoint a nodal officer to oversee payments and ensure sufficient funds for project completion.

Projects Affected and Future Plans

The projects slated for completion under YEIDA’s supervision include:

• Jaypee Greens Bougainvilleas
• Country Homes
• Greencrest Homes
• Krowns
• Kove
• Buddh Circuit Studios
• Kassia
• Sportsville
• Villa Expanza

To further assist homebuyers, the committee will also establish an exit policy for those seeking refunds, ensuring greater transparency and accountability in the process.

The formation of the YEIDA-led committee marks a significant turning point in the long-standing Jaypee housing crisis. By prioritizing the interests of homebuyers and enforcing strict project completion timelines, the initiative aims to restore faith in the real estate sector while bringing long-overdue relief to affected families. With a clear roadmap in place and no additional financial burden on homebuyers, this move is expected to positively impact Noida’s real estate market, encouraging further development and investment in the region.