Take the pledge to vote

For a better tommorow#AajSawaroApnaKal
  • I agree to receive emails from News18

  • I promise to vote in this year's elections no matter what the odds are.
  • Please check above checkbox.

    SUBMIT

Thank you for
taking the pledge

Vote responsibly as each vote counts
and makes a diffrence

Disclaimer:

Issued in public interest by HDFC Life. HDFC Life Insurance Company Limited (Formerly HDFC Standard Life Insurance Company Limited) (“HDFC Life”). CIN: L65110MH2000PLC128245, IRDAI Reg. No. 101 . The name/letters "HDFC" in the name/logo of the company belongs to Housing Development Finance Corporation Limited ("HDFC Limited") and is used by HDFC Life under an agreement entered into with HDFC Limited. ARN EU/04/19/13618
LIVE TV DownloadNews18 App
News18 English
News18 » Business
1-min read

Jaypee Loses 1,000 Hectare Land in Greater Noida Occupied by India's Only F1 Racing Circuit

The Jaypee group had sub-leased plots to 11 builders on the allocated land and separately had taken around Rs 2,000 crore from homebuyers in 10 projects but not delivered it.

PTI

Updated:December 21, 2019, 7:30 PM IST
facebookTwitter Pocket whatsapp
Jaypee Loses 1,000 Hectare Land in Greater Noida Occupied by India's Only F1 Racing Circuit
File photo of Jaypee Infratech. (Image : PTI)

Noida: The Yamuna Expressway Authority on Saturday cancelled the allotment of 1,000 hectares of land to Jaypee group on which India's only Formula One motor racing circuit is built in Greater Noida over non-payment of dues, officials said.

The decision was taken by the Yamuna Expressway Industrial Development Authority (YEIDA) during its 66th Board meeting.

"A thousand hectare land was allotted to Jaypee Sports Limited, an affiliate of Jaypee group, in YEIDA's special economic zone. Jaypee Sports Limited has been defaulting on payments to YEIDA and not completing projects promised to buyers," YEIDA CEO Arunvir Singh said.

The embattled business group defaulted on payments of over Rs 500 crore, he added.

The Jaypee group had sub-leased plots to 11 builders on the allocated land and separately had taken around Rs 2,000 crore from homebuyers in 10 projects but not delivered it, he said.

"So, in light of the violation of lease deeds, it was decided during the board meeting that the land allotment be cancelled," Singh said.

However, the authority said modalities are being worked out to safeguard the interests of third parties and homebuyers who had invested in projects on this land parcel.

Get the best of News18 delivered to your inbox - subscribe to News18 Daybreak. Follow News18.com on Twitter, Instagram, Facebook, Telegram, TikTok and on YouTube, and stay in the know with what's happening in the world around you – in real time.

Read full article
Next Story
Next Story

facebookTwitter Pocket whatsapp
Most Active
Company Price Change %Gain
Narayana Hruda 360.20 1.22
Bharti Airtel 490.90 -4.55
United Spirits 656.40 14.00
Bajaj Finance 4,213.05 1.14
Gati 69.40 0.73
Top Gainers
Company Price Change %Gain
HDFC 2,432.40 1.53
Bajaj Finance 4,213.05 1.14
Sun Pharma 452.65 0.96
HDFC Bank 1,222.85 0.82
TCS 2,184.05 0.71
Top Losers
Company Price Change %Gain
Bharti Airtel 490.90 -4.55
Tata Steel 446.25 -3.49
Tata Motors 176.10 -3.37
Reliance 1,471.35 -2.34
Maruti Suzuki 6,996.95 -2.05

Live TV

Countdown To Elections Results
To Assembly Elections 2018 Results