Yamuna Expressway Authority to Get Tough With Builders

The Yamuna Expressway Industrial Development Authority will make it mandatory for developers to honour commitments made in the buyer-seller agreement or face heavy penalty. 

"We do not want customers getting cheated. So from now on we will ensure that developers deliver projects on time and keep whatever promises they make even in the brochures. Otherwise they will have to pay heavy penalties," Arun Vir Singh, CEO, YEIDA said. 

He said that the authority has been receiving a lot of complaints from homebuyers against developers and therefore the authority has decided to take strict action against defaulting builders. 

The Authority has recently scrapped five housing projects of Jaypee Infratech in Sector 22B, Yamuna Expressway. 

The Authority has called for a meeting of the homebuyers and officials of Jaypee to discuss the delay in delivery and other issues with regard to Jaypee's Wish Town project in Sector 128.

A police case has already been filed against the company and its top brass on Saturday. 

Charges of cheating, financial fraud and criminal conspiracy has been mentioned in the FIR, the first related to Jaypee's mega housing project in Noida that has 35,000 flats.

Jaypee has managed to deliver only 5000 flats so far. The project was launched in 2007-08.

Meanwhile, YEIDA has extended its deadline for Jaypee to pay Rs 90 crore or 15% of Rs 600 crore that the company has to pay to the Authority to clear its dues that is outstanding against a 1000 hectare plot. 

"We have given them time till end of this month to pay the 15%. The earlier deadline was April 15. But the company approached us and sought some time. Jaypee has assured us that they will be able to clear all dues by September end," Arun Vir Singh, CEO, YEIDA said. 

The Authority had earlier said that in case the company is unable to clear the dues, the Authority would be left with no choice but to cancel the allotment. 

38 thoughts on “Yamuna Expressway Authority to Get Tough With Builders

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