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YEIDA Warns ICICI Bank and 16 Others of Plot Cancellation in Jaypee’s Sector 25 SDZ
YEIDA has issued show cause notices to 17 co-allottees in Sector 25’s SDZ, originally allotted to Jaypee Associates. The co-allottees, including ICICI Bank, face plot cancellation for not getting maps approved and starting construction. They have seven days to respond.
Greater Noida: In Sector 25, the Yamuna Expressway Industrial Development Authority (YEIDA) has issued show cause notices to 17 co-allottees in the SDZ (Special Development Zone) category, originally allotted to Jaypee Associates. These co-allottees face the threat of plot cancellation due to their failure to get the maps approved and initiate construction work. Among the co-allottees are prominent names such as ICICI Bank and others. The authority has given them seven days to respond.
YEIDA had allotted a 1,000-hectare plot in Sector 25 to Jaypee Associates’ subsidiary, Jaypee International Sports, under the SDZ category. This plot included the Formula One race track and several residential projects. However, due to non-payment of dues amounting to ₹943.92 crores, the allotment was canceled in 2019. This matter is currently pending in the Allahabad High Court.
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Jaypee Associates had launched ten residential projects on this plot. Additionally, Jaypee Associates sub-leased 609.37 acres of land. Some of this land was sold to banks in lieu of pending dues. There are a total of 17 co-allottees in the SDZ, who purchased land from Jaypee Associates for various projects. These include SGS Builder Tech, ICICI Bank, Yamuna Expressway Tolling Ltd., Deepm Buildwell, GTB International, and Urbania Spaces. These sub-leases occurred between 2015 and 2019, but none of the co-allottees have yet applied for map approval or commenced construction work with YEIDA. As per the regulations, construction work must begin within five years, failing which the plot allotment will be automatically canceled.
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YEIDA CEO Dr. Arun Vir Singh stated that show cause notices have been issued to all 17 co-allottees. They have been asked to explain why they have not applied for map approval or started construction work. If satisfactory responses are not received, the allotments will be canceled.
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