Already steeped in the trough JP builder the Yamuna Industrial Development Authority gave another blow on Wednesday. The authority has issued an order to withdraw about one thousand hectares of land from JP Associates. Today's estimated market price of land to be withdrawn is about 20 thousand crores. Some part of this land is Budha International Circuit, International Cricket Stadium (under construction). The CEO of the authority, Dr. Arunveer Singh, gave this information to IANS on Wednesday.
According to the order issued by the CEO, 'JP was given notices many times to pay the rest of the land. Even after this, he could not pay the amount of land due to the authority. Therefore, on December 21, 2019, the entire matter was placed in the 66th meeting of the Authority Board. After the meeting, accounts and legal documents of the land given to JP were viewed. Only then on Wednesday, CEO Dr. Arunveer Singh issued an order to return land worth billions of rupees from JP.
According to the information, 'JP on this land also gave an allotment to 4,600 people in Country Homes-1, Country Homes-2, Cross, GreenCrest Homes, Bogan Villas, Villa Spanza, Sport Villa, Casa, Cove, Buddha Circuit Studio etc. . In return, Jaypee Group recovered about Rs 1900 crore from customers. According to the order issued by the CEO of the Yamuna Development Authority, Jaypee sold about 609 acres of land in the land allotted by the authority to 'builders' and sold it to many more builders.
According to an estimate, the price of the land being withdrawn from JP by the authority may be as much as Rs 20 thousand crore according to today's market price. According to the authority CEO, 'One thousand hectares of land withdrawn was allotted in 2009. On some part of this land, Budha International Formula One racing track has been built by Jaypee Group.
According to the CEO, 'The International Cricket Stadium under construction on the withdrawn land will now be made an authority by itself. Also, the authority will find some way to complete other projects which are pending or under construction. There will be no loss to any third party due to the return of the land from JP.