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YEIDA has commissioned a detailed audit of 12 long-stalled housing projects by Jaiprakash Associates Ltd. (JAL) along the Yamuna Expressway, aiming to assess work progress, unit counts, and pending construction. The review, led by consultant firm Currie & Brown, is expected by mid-July. The stalled projects stem from a 2008 land allotment for a sports city, later cancelled in 2020 due to unpaid dues. The Allahabad High Court upheld YEIDA's move, instructing it to safeguard homebuyers' interests.
The Yamuna Expressway Industrial Development Authority (YEIDA) has recently commissioned a detailed study and audit of multiple stalled housing developments situated along a major expressway. This action comes as authorities seek to assess the precise status of these long-delayed projects, which affect thousands of property buyers. The report from this review is expected by mid-July. Advertisement
YEIDA has directed the consultant firm, Currie & Brown, to conduct this study and audit of 12 stalled housing projects belonging to Jaiprakash Associates Limited (JAL). The audit aims to determine the exact status of each project, including the number of proposed units, plots planned, and the percentage of work completed. This comprehensive assessment is crucial for understanding the scale of the delays and for planning future actions to resolve the housing crisis impacting thousands of homebuyers along the Yamuna Expressway.
The case's origins trace back to 2008, when YEIDA initially allotted land to Jaypee International Sports, a subsidiary of JAL, for the development of a sports city. However, the construction process subsequently halted. YEIDA took action in February 2020, canceling the land allotment due to non-payment of dues. The Allahabad High Court later upheld this decision, directing YEIDA to take over and complete the projects to protect homebuyers' interests.
Such prolonged stalling of housing projects represents a significant challenge for buyers and regulatory bodies across India, often resulting in substantial financial setbacks for individuals and eroding confidence in the real estate market.
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