The Yamuna Expressway Industrial Development Authority (YEIDA) has issued a final notice to Greenbay Infrastructure Pvt Ltd, cautioning that its 100-acre township project in Sector 22D, Greater Noida, may be cancelled if the developer fails to deposit outstanding dues of ₹117 crore by June 30, 2025.
According to YEIDA officials, the dues pertain to the first instalment of revised payment obligations under Uttar Pradesh’s stalled projects policy. The developer had initially been directed to pay ₹110.29 crore — 25% of the recalculated dues totalling ₹441.17 crore — by April 28, 2024. This was as per the state government’s directive dated December 21, 2023, aimed at reviving long-delayed real estate projects.
However, despite partial payments, Greenbay missed the first scheduled instalment of ₹101.90 crore due on January 15, and subsequently failed to meet the extended April 15 deadline. The company also owes an additional ₹7.59 crore in lease rent arrears, YEIDA officials said.
YEIDA CEO Arun Vir Singh confirmed the issuance of the final notice and clarified that non-compliance with the payment schedule would result in cancellation of the township allotment. "Greenbay has failed to meet its revised payment obligations. While some amount has been paid, the remaining dues remain unaddressed," Singh said.
Greenbay Infrastructure’s township was among several stalled projects identified by the state for revival under the recalibrated dues framework. An instalment-based repayment plan was offered, allowing developers to clear backlogs in phases, provided that an initial 25% payment was made upfront.
In response, Greenbay sought permission for recalculation of dues including a 10% interest rate and the addition of pending lease rent of ₹2.4 crore from 2021. The company cited delays in receiving full land possession as a key reason for its inability to comply with the payment schedule. In November 2024, YEIDA had granted a three-month extension, acknowledging the possession-related issues.
On April 15, 2025, Greenbay submitted another request to YEIDA, seeking approval to sublease a 4,330-square-metre commercial plot within the township to raise funds for payments. The request was rejected by the authority, which maintained that subleasing was only permitted for residential buyers and not for commercial developers.
As per Hindustan Times, a spokesperson for Greenbay stated that the company has already paid ₹154 crore and is making continued efforts to meet its payment obligations. The company claimed it had fulfilled 25% of the recalculated dues and obtained approval to proceed with proportionate registries for homebuyers. However, it attributed ongoing financial constraints to delays in obtaining full land possession and the authority’s refusal to permit subleasing of commercial space, which it had sought as a means to raise additional funds.
The developer also reiterated that the lack of clear registry rights on commercial units has hindered its ability to generate funds and slowed project delivery timelines.
YEIDA officials have stated that unless the company complies fully by June 30, cancellation proceedings will begin as per existing allotment terms. The township project is located in a key development zone under YEIDA’s planning jurisdiction and was envisioned to include residential and commercial infrastructure across 100 acres.
Sector 22D has seen multiple project delays in the past due to procedural and financial hurdles faced by private developers. The authority has been closely monitoring compliance under the revised payment policy to prevent further backlogs.
The state’s stalled project policy introduced in December 2023 aims to facilitate completion of long-pending developments by offering relief through interest recalibration and phased payments. However, YEIDA has made it clear that developers must meet their revised obligations in a timely manner to retain allotments.
Image source- etvbharat.com
