NOIDA — In a major development aimed at addressing long-pending grievances of thousands of homebuyers, the Uttar Pradesh government has approved the formation of a high-level committee to oversee the completion of delayed residential and sports infrastructure projects by Jaypee Associates Ltd., as reported by Hindustan Times.
The Yamuna Expressway Industrial Development Authority (YEIDA) is expected to issue a request for proposal (RFP) within 15 days to appoint a new developer who will take charge of completing 10 stalled projects in the Sports City area. According to YEIDA CEO Arun Vir Singh, the RFP has been finalized in line with directions from the Allahabad High Court and will be floated within two to three weeks.
The move follows a March 10 High Court order that upheld YEIDA’s decision to cancel the allotment of 1,000 hectares of land to JAL along the Yamuna Expressway due to outstanding dues. The court directed the state government to form a committee within a month to ensure completion of the housing and infrastructure works.
In line with this directive, YEIDA has constituted a four-member committee comprising the Principal Secretary of Industrial Development, the Chairman of UP-RERA, the CEO of YEIDA, and a representative of the homebuyers.
On April 7, the Supreme Court of India heard a plea from JAL seeking a stay on the High Court’s decision. However, a bench headed by Chief Justice Sanjiv Khanna declined to grant the stay and instructed YEIDA to submit an action plan to complete the pending developments. The case is scheduled for the next hearing on May 13.
During the proceedings, senior advocate Mukul Rohatgi, representing the resolution professional for JAL along with advocate Malak Manish Bhatt, argued that the disputed land constitutes a corporate asset under the ongoing corporate insolvency resolution process, initiated in June 2024. He claimed the High Court ruling violated provisions of the Insolvency and Bankruptcy Code (IBC), which prohibits interference with a corporate debtor’s assets.
YEIDA had allotted the land to JAL in June 2008 under its Special Development Zone (SDZ) policy. The objective was to create a sports-focused township featuring the Formula 1 Buddh International Circuit, residential units, and commercial developments.
Despite raising over ₹1,900 crore from buyers, JAL failed to complete the housing and infrastructure. “We now plan to raise funds by monetizing 662.5 acres of unutilized land, valued at ₹1 lakh per square meter, to make the project financially viable,” said Singh, as quoted in a report by Hindustan Times.
YEIDA officials stated that the delayed projects include Country Homes 1 and 2, Krowns, Greencrest Homes, Bougainvilleas, Villa Expanza, Sportsville, Kassia, Kove, and Budh Circuit Studios. Additionally, JAL failed to deliver promised sports facilities, including a cricket stadium, sports academy, healthcare center, hockey and football stadiums, and tennis courts.
YEIDA now plans to engage major sports and regulatory bodies, including the Board of Control for Cricket in India (BCCI) and the Indian Olympic Association, to help develop international-standard facilities on the land originally earmarked for the public. “The government and YEIDA had allotted this land for public benefit. Now, we will ensure that vision is realized,” Singh said.