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Greenbay Infrastructure faces a final ultimatum from the Yamuna Expressway Industrial Development Authority (YEIDA) to pay INR 118 crore by the end of July. Failure to meet this demand will lead to the cancellation of land allotment for its 100-acre township in Sector 22D, Noida. The developer has paid INR 40 crore but faces challenges, including unacquired land still under cultivation. YEIDA rejected a sublease request for a commercial plot to clear dues. This follows relief under a 2023 rehabilitation policy, where Greenbay paid an initial INR 110 crore against INR 441 crore recalculated dues but missed later installments.
The Yamuna Expressway Industrial Development Authority (YEIDA) has recently issued a final payment deadline to Greenbay Infrastructure, a real estate developer. This ultimatum impacts a 100-acre township project in Noida's Sector 22D, as the Authority demands payment of INR 118 crore by the end of July. Failure to comply will result in the cancellation of land allotment. Advertisement
The payment of INR 118 crore is required by the end of July. If this demand is not met, the land allotment for Greenbay's township will be canceled. YEIDA had previously set a June 30 deadline. The township project, named Greenbay Golf Village, includes 691 residential plots, with 300 already registered, and was launched in 2011.
Amit Sharma, the project director for Greenbay Infrastructure, told reporters at ET Realty that the company has already deposited INR 40 crore and is committed to paying the full amount. However, the developer faces challenges. Approximately 30-35% of the 100-acre site is still under cultivation by farmers. This situation hinders construction activities and makes it difficult to raise funds through property sales.
Greenbay Infrastructure had previously received relief under the Uttar Pradesh government's 2023 rehabilitation policy for stalled projects. Under this policy, their total dues were recalculated to INR 441 crore. Greenbay made an upfront payment of INR 110 crore, representing 25% of the recalculated amount. However, subsequent installment payments were missed.
To settle its outstanding dues, Greenbay also sought permission to sublease a 4,330 square meter commercial plot located within the township. YEIDA rejected this request, stating that Authority policy only permits subleases to homebuyers, not for commercial purposes.
Disputes over outstanding dues are common challenges for real estate developers, especially in large-scale township projects where land acquisition and financial commitments are substantial. Development authorities often enforce strict payment schedules to ensure project viability and planned urban growth.
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