YEIDA to collect Rs 2,400 cr from Jaypee to distribute to farmers

[अर्णब् मुखर्जी]

YEIDA to collect Rs 2,400 cr from Jaypee to distribute to farmers

Vandana Keelor | TNN | Nov 4, 2016, 11.16 PM IST

GREATER NOIDA: A day after Allahabad High Court (AHC) referred to the arbitration a dispute between Yamuna Expressway Industrial Development Authority (YEIDA) and Jaypee Infratech Ltd, regarding payment of enhanced compensation to land owners whose land was acquired for the construction of Yamuna Expressway, YEIDA said it has to collect about Rs 2400 crore from the company. Speaking to TOI, Arunvir Singh, Chief Executive Officer (CEO), YEIDA said that their priority was to distribute the compensation to the farmers at the earliest. All development in the YEIDA has been stalled because of a stalemate between the farmers and the authority due to the additional compensation row.

According to Singh, in the Jaypee case, more than 10,000 farmers from several villages falling in the YEIDA area have to be given enhanced compensation. "The compensation has to be given for 2500 hectares of land, which had been acquired for the Yamuna Expressway, a Special Development Zone and Land for Development by Jaypee group," said Singh. "We are awaiting the judgment orders from the AHC, after which we hope to fix a meeting with the appointed arbitrator and sort out the issue at the earliest," he explained.

When contacted, a Jaypee official said the group would follow the court order.

Singh further explained that YEIDA has to disburse Rs 5,600 crore as hiked compensation for land acquisition in the area. "So far we have distributed about Rs 450 crore and plan to distribute another Rs 500 crore next week. A committee has been formed to start this process of distribution of the hiked compensation. We will try to complete the process as soon as possible by setting up camps to expedite the process," said Singh. "My priority is to clear the sectors where we have to allot land to our allottees which is located in sectors 18, 20," he said. "Land where Chief Minister's projects are proposed, and land for all development projects including EMC will also be tackled on priority," he added.

In August 2014, the state government had directed YEIDA to pay enhanced compensation to farmers. However, it had come with a rider that farmers will have to withdraw their legal petitions and also hand over possession of land to the Authority to avail of the hike.

YEIDA had then started disbursement of the enhanced compensation. More than Rs 20 crore was distributed to farmers and YEIDA took possession of around 54 hectares of land that falls in sectors 18 and 20, where plot scheme were launched. However, the process came to a standstill when scores of farmers petitioned the court against the land acquisition process for their acquired lands. Following legal petitions, all disbursement of compensation had been stopped.

http://timesofindia.indiatimes.com/city/noida/YEIDA-to-collect-Rs-2400-cr-from-Jaypee-to-distribute-to-farmers/articleshow/55252331.cms

[Rahul Yadav]

How JAYPEE will going to pay YEIDA , there own all projects are on hold from long times, many project customers doing protest many a times to get their long awaited homes to be delivered.

they are not able to pay even interest of their loans.

Funny situation now. 

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