Yeida issues warning to firm over ₹117 crore dues for Greater Noida township

A Greenbay spokesperson said delayed land possession and lack of commercial registry rights have hindered payments

The Yamuna Expressway Industrial Development Authority (Yeida) has issued a final notice to Greenbay Infrastructure Pvt Ltd, warning that its 100-acre township allotment in Sector 22D, Greater Noida, will be cancelled if it fails to deposit ₹117 crore by June 30.

Under the state’s stalled projects policy (December 21, 2023), Greenbay was asked to pay 25% of recalculated dues of ₹441.17 crore — ₹110.29 crore — by April 28, 2024. (Sunil Ghosh/HT archives)

“Despite part-payment, Greenbay failed to pay the first instalment of ₹101.90 crore due on January 15 and missed the revised April 15 deadline. It also owes ₹7.59 crore in lease rent,” said Yeida CEO Arun Vir Singh.

Under the state’s stalled projects policy (December 21, 2023), Greenbay was asked to pay 25% of recalculated dues of ₹441.17 crore — ₹110.29 crore — by April 28, 2024.

According to Yeida officials, an instalment plan for the remaining dues was also provided. The developer sought a recalculation with 10% interest and inclusion of ₹2.4 crore pending lease rent from 2021. Citing delayed possession, it got a three-month extension in November.

On April 15, Greenbay sought permission to sublease a 4,330 sqm commercial plot to raise funds, saying it had already paid ₹154 crore and proposed further payments. Yeida rejected the request, stating subleasing is only allowed for homebuyers.

A Greenbay spokesperson said delayed land possession and lack of commercial registry rights have hindered payments.“We have paid 25% of dues and got permission for proportionate registries for homebuyers. We’re seeking permission to sublease commercial units to raise funds. Disputes over full land possession have delayed project timelines,” the spokesperson said.