NOIDA: The Yamuna Expressway Industrial Development Authority has given Greenbay Infrastructure a final deadline to deposit dues amounting to Rs 118 crore by the end of July, failing which it will cancel the allotment of land for a 100-acre township in Sector 22D.
YEIDA officials said on Friday this was the final ultimatum for the developer. Before this, YEIDA had given the developer a deadline of June 30 to pay its dues.
Last month, Greenbay had sought an extension of two months to make the deposit, citing problems with securing full possession of land allotted to it.
“If Greenbay Infrastructure does not pay the outstanding amount of Rs 118 crore to the Authority by July 31, proceedings will be initiated to cancel the allotment of the said plot. This will be the final opportunity to deposit the outstanding amount,” YEIDA’s latest order this month read.
In response, Greenbay’s management said on Friday it has deposited Rs 40 crore and is committed to paying the full amount.
“We are committed to paying all land dues, but we need the Authority’s support to ensure full possession of the allotted land and permission to sublease the commercial part of the project,” said Amit Sharma, project director of Greenbay Golf Village — the 100-acre township launched in 2011.
According to the developer, approximately 30-35% of the 100-acre site is still under cultivation by farmers, and this has made it difficult to carry out construction and raise funds through sales.
The township project, with 691 residential plots (of which 300 have been registered), was earlier granted relief under UP govt’s 2023 rehabilitation policy for stalled projects.
The policy recalculated the developer’s total dues to Rs 441 crore, of which Rs 110 crore (25%) was to be paid upfront.
Greenbay paid this amount the first time but missed the subsequent installments despite extensions.
It then sought a revised payment plan and in April, it requested YEIDA to allow it to sublease a 4,330 sqm commercial plot within the township project. The developer said that all earnings from the sublease will be used to settle its dues.
But the authority rejected this request and said that the policy only permits subleases to homebuyers, and not for commercial use.
“Cultivation by farmers in the middle of the allotted plot gives homebuyers a sense of insecurity about their investment. Possession of the complete land and permission to sublease would help speed up development and sales. The proceeds would go towards paying the remaining dues,” Sharma said.
