yamuna expressway authority, 17 housing projects cancelled, corruption in up, india real estate sector, real estate stocks, housing companies, home loans
A labourer takes a break from her work at the construction site of a residential complex in Noida on the outskirts of New Delhi, India, August 20, 2015 (representational image).Reuters file

Housing dreams of many individuals have been shattered after the Yamuna Expressway Industrial Development Authority (YEIDA) belonging to the Uttar Pradesh government scrapped 17 housing projects, citing non-compliance by builders on various parameters. The cancellation comes after builders failed to respond to a 90-day notice.

One of the builders, Jaypee Infratech, listed on the stock exchanges, said it has not received any notice over cancellation of five housing projects, as reported by a newspaper.

"We wish to state that we have not received any notice of cancellation from the YEIDA for any of the projects as alleged in the news item," the company said in a regulatory filing to the BSE on Wednesday.

There is some hope as the YEIDA has given another opportunity to the builders for fresh building plans and to seek clearances anew. The move comes after the newly-elected Uttar Pradesh government removed top bureaucrats heading Noida and Greater Noida authorities last week.

Established as the Taj Expressway Industrial Development Authority (TEA) in 2001 and subsequently renamed as the YEIDA, the body handles all real estate and infrastructure projects along the 165 km, six-lane highway connecting Greater Noida and Agra in Uttar Pradesh.

The project encompasses 334 villages of Gautam Budh Nagar, Bulandshahar, Aligarh, Mahamaya Nagar (Hatras), Mathura and Agra districts of Uttar Pradesh.

The main responsibilities of the YEIDA are:

  • Execution of Yamuna Expressway
  • Acquisition of land for construction of Expressway and area development
  • Preparation of Zonal plan/Master plan for planned development along the Expressway
  • Development of drainage, feeder roads, electrification and other facilities in the area

This is the first significant crackdown on builders after the BJP government led by Chief Minister Yogi Adityanath came to power last month, defeating the Samajwadi Party, which has been accused of large-scale corruption by the BJP.

On April 12, the Adityanath government had transferred Deepak Agarwal, Chief Executive Officer (CEO) Greater Noida and Noida, Vijay Kumar Yadav, vice president Ghaziabad Development Authority (GDA) and Rama Raman, chairman of Noida and principal secretary UP infrastructure and industrial development and NRI departments, in a major reshuffle of senior officials, some of them perceived to be close to former CM Akhilesh Yadav.

yamuna expressway authority, yamuna expressway cancels 17 housing projects
The mangled remains of the vehicles that met with an accident at Yamuna expressway in Uttar Pradesh on December 24, 2016.IANS