NOIDA: The Yamuna Expressway Industrial Development Authority has set a final deadline for Greenbay Infrastructure to pay its outstanding dues of ₹118 crore by the end of July. If the payment is not made, the allotment of land for a 100-acre township in Sector 22D will be canceled.
YEIDA officials stated on Friday that this represents the developer’s last opportunity to settle their debts, following a previous deadline of June 30.
Last month, Greenbay requested an extension of two months for the payment, citing difficulties in obtaining full land possession.
According to YEIDA’s latest notice, “If Greenbay Infrastructure does not remit the total outstanding amount of ₹118 crore by July 31, the proceedings to cancel the land allotment will commence. This is the final chance to make this payment.”
In response, Greenbay’s management mentioned on Friday that they have already deposited ₹40 crore and remain committed to paying the full amount. “We are dedicated to fulfilling all land dues, but we require the Authority’s assistance in obtaining full possession of the allotted land and permission to sublease the commercial segment of the project,” stated Amit Sharma, project director of Greenbay Golf Village, which was launched in 2011.
The developer reported that approximately 30-35% of the 100-acre site remains under agricultural cultivation by farmers, complicating construction and funding through sales.
The township project, which includes 691 residential plots (300 of which have been registered), had previously benefited from relief under the UP government’s 2023 rehabilitation policy for stalled projects. This policy recalculated the developer’s total dues to ₹441 crore, requiring an upfront payment of ₹110 crore (25%).
Although Greenbay made this initial payment, it has not met subsequent installment deadlines, despite receiving extensions.
In April, Greenbay sought a revised payment plan and requested YEIDA’s approval to sublease a 4,330 sqm commercial plot within the township project, asserting that proceeds from the sublease would be allocated to settling their debts.
YEIDA, however, rejected this request, clarifying that the policy only allows subleases to homebuyers, not for commercial use. “Ongoing cultivation by farmers within the allotted plot creates insecurity for homebuyers regarding their investments. Full land possession and the ability to sublease would facilitate quicker development and sales, with proceeds directed towards outstanding dues,” Sharma added.
