The Yamuna Expressway Industrial Development Authority (Yeida) has issued a stern warning to Greenbay Infrastructure Pvt Ltd regarding their unpaid dues, amounting to ₹117 crore. The dues are linked to a 100-acre township allotment in Sector 22D, Greater Noida. With an ultimatum set for June 30, 2025, Yeida has given Greenbay a final chance to settle the outstanding payments or face the cancellation of the township allotment. This development is another chapter in a series of delays and disputes surrounding Greenbay’s project, leaving many to question the future of this high-profile development in Greater Noida.
Yeida’s Final Notice and Greenbay’s Dues
Yeida’s warning to Greenbay highlights the significant financial challenge the developer faces in settling outstanding payments. Greenbay owes a total of ₹117 crore, which includes:
- ₹101.90 crore for the first installment due on January 15, which was missed.
- ₹7.59 crore in pending lease rent.
Despite making part-payments, Greenbay failed to meet the revised deadline of April 15, 2024, which had been extended. Under the state’s Stalled Projects Policy (December 2023), Greenbay was asked to pay 25% of the recalculated dues amounting to ₹441.17 crore — which works out to ₹110.29 crore — by April 28, 2024.
In a bid to resolve the issue, Greenbay requested a recalculation with 10% interest and sought the inclusion of ₹2.4 crore in pending lease rent dating back to 2021. Additionally, the developer was granted an extension in November 2023 due to delayed possession of the land.
Yeida’s Rejection of Subleasing Request
Greenbay sought approval to sublease a commercial plot of 4,330 sqm to raise funds, citing difficulties in meeting the financial obligations due to delayed land possession. However, Yeida rejected this request, stating that subleasing is only permissible for homebuyers.
A spokesperson for Greenbay explained the situation, highlighting how delayed land possession and the lack of commercial registry rights have significantly hindered progress and payment timelines.
Greenbay Spokesperson: “We have already paid 25% of the dues and received permission for proportionate registries for homebuyers. Our proposal to sublease commercial units aims to raise the necessary funds, but disputes over full land possession have delayed the project timeline.”
Yeida’s Position and the Consequences
Arun Vir Singh, Yeida CEO, made it clear that failure to clear the outstanding dues by June 30, 2025, would lead to the cancellation of the township’s allotment. This could have serious implications for Greenbay, especially given the importance of the project for both the developer and Greater Noida’s real estate landscape.
Arun Vir Singh, Yeida CEO: “Despite part-payment, Greenbay has failed to meet its payment deadlines. If the remaining dues are not cleared by June 30, we will have no choice but to cancel their allotment.”
Key Facts at a Glance
| Issue | Details |
|---|---|
| Developer | Greenbay Infrastructure Pvt Ltd |
| Project | 100-acre Township in Sector 22D, Greater Noida |
| Total Due | ₹117 crore |
| Due Dates Missed | January 15, April 15, 2024 |
| Lease Rent Owed | ₹7.59 crore |
| Revised Dues (State Policy) | ₹441.17 crore recalculated, ₹110.29 crore payable by April 28, 2024 |
| Extension Granted | 3-month extension due to delayed possession |
| Yeida’s Stand | Township allotment will be cancelled if dues aren’t cleared by June 30, 2025 |
FAQ Section
1. What is the total amount Greenbay owes to Yeida?
- Greenbay owes ₹117 crore to Yeida, including ₹101.90 crore in dues and ₹7.59 crore in pending lease rent.
2. Why has Yeida warned Greenbay?
- Yeida issued a warning because Greenbay missed multiple payment deadlines and failed to pay the required dues despite part-payment.
3. What was Greenbay’s response to the delayed payments?
- Greenbay cited delayed land possession and the lack of commercial registry rights as reasons for the delay in payments and project timelines.
4. What will happen if Greenbay does not pay the dues by June 30, 2025?
- If Greenbay does not clear the outstanding payments by June 30, 2025, Yeida will cancel the 100-acre township allotment.
5. What is the significance of the subleasing request by Greenbay?
- Greenbay sought permission to sublease a commercial plot to raise funds for paying off the dues, but Yeida rejected the request, stating that subleasing is only allowed for homebuyers.