JAL to Restore Formula One Circuit & Other Realty Projects
Jaiprakash Associate Limited (JAL) paid ?17.5 crores in dues to restore the cancellation of 1000 hectares of land on which India’s first Formula One circuit and other realty projects are located. The Yamuna Expressway Industrial Development Authority (Yeida) canceled the allotment in December 2019, after JAL failed to pay developmental charges to the authority despite several notices. The developer was barred from selling, mortgaging, or transferring the property as it lost ownership of this land. After the cancellation, JAL filed a plea in the Allahabad High Court for relief. The court then directed JAL on September 29 to first deposit ?100 crores and a plan to ‘safeguard the interests of homebuyers. “They have deposited only ?17.5 crores of the ?100 crores in dues. Once they deposit the rest of the amount and the said proposal, the court will schedule the case for a hearing,” Arun Vir Singh, Chief Executive Officer, Yeida, said. JAL built and opened the country’s first Formula One track — Buddh International Circuit (BIC) — in October 2011. Designed by German architect and racetrack designer Hermann Tilke, BIC hosted the Formula One Indian Grand Prix from 2011 to 2013. The venue was dropped from the Formula One calendar in 2014. JAL developed several other sports facilities, including a cricket stadium and other associated buildings for F1 races, on the plot. The company’s infrastructure projects have been mired in controversy with around 6,000 homebuyers and investors struggling to get possession of their units for several years. Jaypee Infratech Limited, the group’s infrastructure company, has been facing corporate insolvency proceedings since 2017. The Jaypee Group collected ?1,924 crore in funds by selling property to buyers. “We have paid said 17.5 crore and will honour the court order in the future,” Ajit Kumar, Chief Legal Advisor, JAL, said.
Tags : Jaiprakash Associate Limited Formula One circuit realty projects Arun Vir Singh Chief Executive Officer Yeida Ajit Kumar Chief Legal Advisor JAL