YEIDA notices Supertech deposit Rs 332.6 crore in two weeks

A notice has been issued by The Yamuna Expressway Industrial Development Authority (YEIDA) to the ATS Group and Supertech to deposit INR 332.6 crores in two weeks so that the farmers can be paid additional compensation. In case the developers fail to deposit the amount. YEIDA would have to recover the same by canceling the lease deed of the lands allotted under the commercial and institutional categories.

It has to be noted that apart from ATS and Supertech, YEIDA has also issued notices to the 13 other allottees under the institutional category to clear INR 2377.2 crores in dues. These notices are a part of YEIDA’s plan to deposit a 64.7% additional compensation amount to be paid to the farmers.

Supreme Court upheld the UP government’s decision to enhance the farmers’ compensation in May and rejected the appeal of the real estate companies opposing this move. YEIDA had cited the Supreme Court orders in their latest notice and asked the builders to deposit the amount urgently. Supertech owes approximately INR 172.7 crores to YEIDA. In non-payment, the authority will confiscate 13,270 sqm of commercial and 25,000 sqm of situational land. ATS owes about INR 159.8 crore, and the builder would lose 10,016 sqm of retail and 33,881 sqm of institutional land in case of non-payment.

Two weeks is a concise time, and it remains to be seen if the real estate companies would appeal against this verdict. On September 11, Supreme Court issued notices to Supertech Builders and other real estate companies after hearing a plea for enhancement of compensation to farmers whose land was acquired by Yamuna Expressway Industrial Development Authority.

The bench of the Supreme Court was headed by Justice L Nageshwara Rao and consisted of Justices Hemant Gupta and Justice S Ravinder Bhat. They had issued show-cause notices to various lands allottees like Supertech Builders, Galgotia University, and other builders on a Special Leave Petition filed by YEIDA in support of farmers. This petition was filed before the Supreme Court against the Allahabad High Court judgment of May 23, 2020.

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