Jaypee group loses 1,000-hectare land with F1 Circuit over unpaid dues

The embattled business group defaulted on payments of over Rs 500 cr, Yamuna Expressway Authority claims

The Yamuna Expressway Authority on Saturday cancelled the allotment of 1,000 hectares of land to Jaypee group on which India's only Formula One motor racing circuit is built in Greater Noida over non-payment of dues, officials said.

The decision was taken by the Yamuna Expressway Industrial Development Authority (YEIDA) during its 66th Board meeting.

"A thousand-hectare land was allotted to Jaypee Sports Limited, an affiliate of Jaypee group, in YEIDA's special economic zone. Jaypee Sports Limited has been defaulting on payments to YEIDA and not completing projects promised to buyers," YEIDA CEO Arunvir Singh said.

The embattled business group defaulted