YEIDA cancels allotment of 100 acre land for Rs 233 crore dues

The Yamuna Expressway Authority has cancelled the allotment of a 100-acre land for a residential project in Sector 18 over non-payment of Rs 233 crore dues and violation of other statutory terms.

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The Yamuna Expressway Authority has cancelled the allotment of a 100-acre land for a residential project in Sector 18 over non-payment of Rs 233 crore dues and violation of other statutory terms.

In 2011, YEIDA allotted the land to Silverline Furnishing and Furnitures Pvt Ltd, a consortium of six developers — including Aminiti Builders and Developers (lead member having 45% share), PC Developers and 3C Universal Developments — for building the township.

However, the project did not cross the allotment stage as no layout map was approved for the same. As a result, no work was ever carried out on the ground. Moreover, in 2017, all the shareholders left the consortium and now there are two new partners. The 10-year construction period has also lapsed, the officials said.

CEO Arun Vir Singh said, “During an audit, we came to know about the change of the lead member in the project. As per the provisions of land allotment, the lead member cannot exit the project before the issuance of the occupancy or completion certificate by the Authority. This information was not even given to us.”

Officials said the company owed about Rs 233 crore to the Authority. Of the dues, Rs 154.53 crore is against land premium, Rs 63.45 crore against additional compensation and Rs 15.65 crore against lease rent.

The company’s deposit with the authority is about Rs 144.5 crore. As per the allotment rules, the Authority has decided to confiscate 25% (Rs 36.12 crore) of the company’s deposits and return the balance amount, the officials said.

So far, the CEO said, YEIDA has cancelled the allotment of 10 builder plots, including those of Ajnara and Jaypee. However, the matter of plot cancellation of Ajnara and Jaypee is pending in the courts.