Latest news with #Yeida
Hindustan Times
4 days ago
- Business
- Hindustan Times
Yeida rejects Boney Kapoor firm's Film City layout plans; seeks revisions
GREATER NOIDA: The Yamuna Expressway Industrial Development Authority (Yeida) on Tuesday said it has rejected the Boney Kapoor-led firm's latest request for approving its layout plans to set up a Film City in Sector 21 along the Expressway, citing violations of the laid down rules, and issued it a notice to revise it. Yeida found that the layout in the present form lacked fire no-objection certificate (NOC), structure safety certificate, and it also violates the land use by planning commercial work on a green area. Bayview Bhutani Film City Private Limited, a consortium led by filmmaker Boney Kapoor and the Bhutani Group -- submitted its layout plan three days ago for the proposed 230-acre Film City, prompting Yeida to raise multiple objections, citing major deviations from the approved land use, said Yeida officials. 'The authority's main concern is the proposed alteration of designated green areas, originally earmarked for parks, playgrounds, and multi-purpose open spaces. Instead, the consortium has planned to construct film studios with accommodations and related infrastructure on this land. This move, officials said, is not in line with the sanctioned land use,' said Yeida chief executive officer (CEO) Arun Vir Singh. Yeida said the layout plan (submitted by developer) includes multiple commercial buildings within the industrial zone—another clear violation. 'Warehouses, hotels, and staff housing have been proposed on industrial-use land, contrary to zoning regulations. The consortium has also failed to submit key documents, including the fire safety NOC and structural stability certificate. Only the layout for the film institute and film studios will be considered for approval at this stage under phase I. The authority has made it clear that no permissions will be granted for commercial developments—such as malls or resorts—until the developer completes at least 15% of the film institute and studios constructions,' the CEO added. As per the approved land use, 155 acres are reserved for industrial purposes and 75 acres for commercial use. Of the industrial portion, 21 acres are earmarked for the film institute and 134 acres for film-related facilities, said Yeida officials. 'The plan fragments the designated green belt instead of maintaining a consolidated area. The green cover constitutes 15% of the total site, but the builder's plan falls short of expectations,' the CEO said. The authority has directed the consortium to revise the proposal and submit a phase-wise development plan at the earliest. Only Phase 1, covering the industrial zone, will be approved for now. However, Phases 2 and 3 must be clearly indicated in the revised plan, officials said. 'The commercial activities will be permitted only after 15% of the project facilities are developed. The first phase, focused on building the film studios, is expected to take three years, with a total project completion timeline of eight years,' said Singh. Bhutani Infrastructure chief executive officer Ashish Bhutani was unavailable for comment despite repeated attempts.
Hindustan Times
5 days ago
- Entertainment
- Hindustan Times
Filmmaker Boney Kapoor submits layout maps of Film City: Yeida
GREATER NOIDA: Filmmaker Boney Kapoor and his team have submitted a building layout map for approval to begin development work at the Film City project site in Sector 21, the Yamuna Expressway Industrial Development Authority (Yeida) said on Monday. The submitted layout plan includes a grand convention centre for film events and a museum dedicated to Indian cinema. A specialised film festival district featuring guest houses and auditoriums is also proposed. Additionally, the plan outlines accommodation for artists and compact studio units. The facility will also feature large sound stages and a dedicated underwater shooting studio. The move came weeks after Yeida stated that permission could not be given to start work until the layout map was first approved. On Monday, Kapoor visited the authority office to seek approval for the layout, and also discussed the ground breaking ceremony date with Yeida officials. 'The authority had sought that the concessionaire first secure approvals for its core components — film studios and an institute — and then proceed with construction at the ground. The directive, issued through a letter on May 2 to Bayview Bhutani Film City Private Limited stated that construction must begin within a year of signing the concession agreement, which happened on June 27, 2024. It also said non-compliance will attract a daily penalty of ₹1.5 lakh until construction starts,' said Yeida chief executive officer (CEO) Arun Vir Singh. Yeida, earlier this year, had approved the land use map for the 230-acre project and the authority also made it clear that work could not proceed on the ground without Bayview getting detailed layouts of its buildings approved for the first phase. It included no objection certificates for parking and landscaping plans aligned with the authority's building bylaws. On Monday, Kapoor said the groundbreaking ceremony for the International Film City project in Sector 21 of Yeida region will be held before June 30. 'This timeline aligns with the concession agreement signed on June 27, 2024, which mandates the commencement of construction within one year of the official allotment date,' he added. The filmmaker, who met Yeida officials, said that construction will strictly adhere to the terms of the concession agreement, which stipulates that work on core film infrastructure—such as studios and a film institute—must begin first and be completed within three years. The clarification addressed speculation that commercial development might commence alongside film-centric components. 'Two days ago, we submitted the detailed building layout plans for the approvals that are likely to be issued as per the law. We are eager to start work at the site, and also organise foundation laying event very soon as the state government finalises the date,' said Ashish Bhutani, chief executive officer, Bhutani Infrastructure Limited that will develop the Film City. Yeida CEO, meanwhile, said that they made it clear that only components aligned with the concession agreement will be approved. 'Any deviation in the layout plan will not be approved. The authority has directed the concessionaire to obtain necessary approvals for detailed parking, landscaping, horticulture work, and to develop the project in a phased manner,' he added. The International Film City, a flagship project of UP chief minister Yogi Adityanath, aims to transform the state into a major hub for film production, media, entertainment, and tourism. The project is located near the upcoming Noida International Airport along the Yamuna Expressway, covering a total area of 1,000 acres. Phase 1 of the project will span 230 acres, with an estimated investment of ₹1,510 crore over eight years. Around 155 acres have been allocated for the core film industry, which will include film production studios, sound stages, post-production units, and related infrastructure. This area is divided into four campuses. A commercial hub—comprising retail spaces, office buildings, and entertainment complexes—will also come up on 75 acres in the first phase. The Film City project is expected to create around 500,000 jobs, both directly and indirectly, and significantly boost the state's economy.
Hindustan Times
23-05-2025
- Business
- Hindustan Times
Subvention Scheme: Greater Noida, Yeida give details to CBI for probe
The Noida, Greater Noida, and Yamuna Expressway authorities have begun preparing and handing over documents to the Central Bureau of Investigation (CBI) in connection with a Supreme Court-ordered probe into alleged collusion between real estate developers and banks in so-called subvention schemes. The apex court, on April 29, directed the CBI to undertake a probe to unearth a possible nexus between builders and banks in sanctioning huge amounts under the scheme without following any due diligence. Following the apex court's directive, the authorities have identified 24 housing projects—11 in Greater Noida, nine in Noida, and four in Yamuna City—that are under scrutiny. These schemes were initially promoted by builders, promising to pay EMIs on home loans until possession was handed over. But many builders defaulted, and the projects were either stalled or abandoned, leaving buyers saddled with debt and no homes. The court's intervention came after receiving over 170 petitions from more than 1,200 homebuyers across the country. Subvention schemes involve a tripartite agreement between the buyer, banker, and developer. Under these, buyers typically pay between 5% and 20% up-front, while the bank loans the rest to the developer in instalments. The developer pays the interest on a loan for a certain fixed period, usually two to four years, until the buyer takes possession. The buyer starts paying back the loan in equated monthly instalments after this. Yeida CEO Arun Vir Singh confirmed that documents for the four Yamuna City projects—including Supertech's Upcountry and Oasis Realtech's Grandstand—have been submitted. 'We've handed over all related files to the CBI as per the Supreme Court order,' Singh said. Shailendra Bhatia, officer on special duty, has been named Yeida's nodal officer for the investigation. In Greater Noida, the authority's additional CEO Saumya Srivastava said they have submitted records for 11 projects, including Supertech's Ecovillage 2 and 3, AVJ Heights, Earthcon, and Future World. 'We will continue to support the CBI in the probe,' he said. The Noida authority, meanwhile, is yet to provide its documentation. CEO Lokesh M said they have received a request from the CBI and appointed a nodal officer, but will submit files once formally asked. Projects under the scanner in Noida include Supertech Capetown, Blossom Zest, Mahagun Mezzaria, and Jaypee Green Orchard. The CBI has asked the authorities for comprehensive records—land allotments, lease deeds, approved building plans, payment histories, and official correspondence with developers. The court-mandated probe follows allegations that banks sanctioned full loans without due diligence, violating Reserve Bank of India and National Housing Bank norms. Buyers say banks are now pursuing them for recovery despite incomplete construction. 'The sad part is that the banks are taking action against innocent buyers. The builders misused the funds, and the buyers are suffering,' said Arun Kumar, a buyer from Supertech Capetown. The Supreme Court has also approved seven preliminary enquiries—one specific to Supertech, five regional (covering Noida, Greater Noida, Yamuna City, Gurugram, and Ghaziabad), and one for other metro cities. The court has ordered the appointment of nodal officers from the RBI, state RERAs, and housing ministries, and deputation of police officers from UP and Haryana. Three chartered accountants will assist with forensic audits.
Hindustan Times
19-05-2025
- Business
- Hindustan Times
Supeme Court allows Yeida to develop Jaypee residential projects
The Supreme Court on Monday allowed the Yamuna Expressway Industrial Development Authority (Yeida) to appoint new developers to complete residential projects of Jaiprakash Associates Limited (JAL), after the authority's decision to cancel a 1,000-hectare lease to JAL was upheld by the Allahabad high court in March. A bench of justice Sanjay Kumar, while permitting Yeida to proceed in line with the HC judgment, disallowed the authority from making a final decision without the top court's permission. The court listed the matter for July 29. The order came against the backdrop of the JAL, currently under insolvency, challenging the Allahabad high court's March 10 order in the top court. In April, the top court issued notice and sought Yeida's response, but did not grant a stay. Senior advocate Shyam Divan, appearing for JAL's resolution professional along with advocate Malak Manish Bhatt, sought a stay on further action by Yeida. 'We want a status quo protection as the land involved is 965.74 hectares. They have terminated the allotment, and new developers are being appointed for development of the land,' Divan said. The court, however, said that the process may take time and that there was no purpose in restraining the authority. The bench, also comprising justice KV Viswanathan, said, 'To balance the competing interests, we deem it appropriate to permit the authorities, including YEIDA and the committee constituted pursuant to the HC direction, to proceed. Any decision taken pursuant to such decision shall not be given effect to without the permission of this court.' JAL contended that the high court order failed to consider that the land parcel was a corporate asset, and thus, could not be interfered with during the corporate insolvency resolution process (CIRP) that was initiated in June 2024. Besides JAL's resolution professional, banks and financial institutions that provided loans to the distressed company on the land mortgage also objected to the high court order. Senior advocate Neeraj Kishan Kaul, appearing for National Asset Reconstruction Company Limited, objected to the manner in which the high court failed to consider their interests while cancelling the allotment. Kaul sought the status quo to protect their interests over the land. In its last order, the court had asked Yeida how it proposed to clear the dues of lenders. In its response, Yeida said that the interest of banks and financial institutions was considered in the high court order, as it required JAL to deposit the entire amount paid to Yida at the disposal of the National Company Law Tribunal (NCLT) for this purpose. Additional Solicitor General (ASG) N Venkataraman, appearing for the authority, said that JAL started the residential projects in 2010 and until 2025, completed only 5% of the work, incurring a cost of ₹25,000 crore. 'There is something seriously wrong if with ₹25,000 crore, only 5% progress is made. The homebuyers are left in the lurch and if the process is stayed at this stage, it will send wrong signals,' the ASG said. JAL sold over 2,500 residential plots and flats between 2011 and 2016, but these were yet to be completed. The ASG said that the authority's immediate concern was to ensure the completion of the projects. Yida cancelled JAL's six allotments in February 2020, citing lapses in the payment timeline as per the lease agreement. The company challenged the cancellation in the Allahabad high court and initially, secured the status quo. JAL said that as of the date of cancellation of allotments, the company had paid 91% of dues to Yeida, pegged at around ₹2,300 crore and only ₹218 crore was outstanding, which was paid in the high court. While the high court later confirmed the cancellation order of Yeida, JAL contended that the lease deed did not have a cancellation clause. It contended that Yeida had delayed sanctions for building plans and the delays made the housing projects financially unviable, causing loss to the company. In its appeal to the Supreme Court, JAL said the high court 'has created a parallel law' that was contrary to the settled principles of the Insolvency and Bankruptcy Code (IBC), which creates a moratorium on all assets owned and in possession of the corporate debtor (JAL). It contended that the high court failed to realise that the IBC overrides the UP Industrial Development Act, 1976. JAL argued that it pumped in over ₹6,000 crore to construct a Formula-1 racing track as the land for a special development zone (SDZ) intended to raise amounts from the core area involving commercial ventures to fund housing projects forming part of the non-core sector.
Hindustan Times
19-05-2025
- Business
- Hindustan Times
Yeida to rope in consultant for Electronics Manufacturing Cluster
GREATER NOIDA: Following the Centre's approval of an Electronics Manufacturing Cluster (EMC 2.0) project anchored by Havells, the Yamuna Expressway Industrial Development Authority (Yeida) has started the process of hiring a consultant to design and oversee infrastructure development in Sector 10, officials said on Sunday, adding that the project, estimated to cost ₹484 crore, will be spread over 206 acres near the Noida International Airport. Under the EMC 2.0 scheme of the Ministry of Electronics and Information Technology (MeitY), the Centre has sanctioned ₹144 crore for the cluster while Yeida will contribute the rest of ₹340 crore. The project is expected to complete by January 31, 2028. Yeida chief executive officer Arun Vir Singh said, 'The Centre's approval is a major step toward making Uttar Pradesh an electronics manufacturing hub. This cluster will boost local employment and attract component makers and allied industries.' Havells, an Indian multi-national electrical equipment manufacturing firm, the anchor investor, has been allotted 50 acres of land and it plans to invest ₹800 crore to set up a manufacturing unit for fans, air conditioners, switchgear, cables, and lighting equipment. The unit is expected to be operational by 2026 and provide over 1,000 direct jobs in the first phase. To be sure, the cluster will include 66 other industrial plots, in addition to Havells' land. These plots, spread over 106 acres, range from 1,000 to 32,375 square metres (sqms) in size. Two large plots, including one measuring 44,515 sqm, have been set aside for the flatted factory complex, which will house 176 plug-and-play industrial units. These ready-to-move-in units are aimed at attracting startups and smaller enterprises looking for cost-effective manufacturing spaces. Yeida officials said the project has been meticulously planned. About 39 acres are reserved for infrastructure, including internal roads, green belts, electrical lines, water supply, drainage, a boundary wall, and civic amenities like a hostel block, commercial centre, convention centre, and a skill development hub. To move forward, Yeida has issued a request for proposal (RFP) to appoint a Design Development and Project Management Consultant (DDPMC). The selected consultant will prepare the detailed project report (DPR), float tenders, and supervise construction. The deadline for submission is June 10, with the appointment expected in July.
