Representative imageNoida: The Yamuna Expressway Authority has given the Greenboy Infrastructure to deposit the time limit of June 30 for Rs 110 crore, a installment that the developer has default by default, by failing, it will cancel the allocation of 100 acres of land for a township in Sector 22D.
The land was allotted to Greenboy in February 2011. The developer left a part of Emerald Property in January 2014 for the group housing project. It later launched the Golf Village Township, which includes 691 plots, out of which registries for 300 have been completed so far.
The Yamuna Expressway Industrial Development Authority (Yeida) officials said on Wednesday that the ultimatum was given as the developer had allowed the government's rehabilitation package for default projects on payment.
The policy announced in 2023 allowed the developers of the stalled projects to allow concessions, which agreed to pay 25% of the reorganized dues, and in the remaining installments.
For Greenboy, which was allocated 100 acres of land in 2011, the arrears were reorganized up to Rs 441 crore. Of this, the developer paid Rs 110 crore as an amount of 25% by April 2024. The remaining outstanding arrears of its arrears were to be paid in batch between January 2025 and July 2026, which was in accordance with the agreement as part of the rehabilitation package.
But Greenboy demanded an expansion to pay the first installment of Rs 110 crore – for January 2025 – citing difficulties in acquiring full occupation of the land. A spokesperson of the developer told TOI on Wednesday that about 30% of the allotted land was still under farming by farmers and the developer was not able to access it.
Yeda CEO Arun Veer Singh said that on the basis of this argument, a three -month extension was approved by the authority.
Nevertheless, Greenboy did not pay the installment until 15 April this year. On this day, it presented another request to Yida, seeking permission to allow a revision of a 4,330 square meter commercial plot and its payment schedule within the planned township.
“To meet these financial transactions, we need immediate permission to proceed with the fertile of commercial plots. This authority is important for us to take necessary steps towards fulfilling our payment obligations. Do we fail to follow the agreed time for payment, we accept that Greenb has written in April 15 communication.
The developer spokesman said on Wednesday, “We are ready to give an affidavit, stating that all income from Upheka will go directly to Yida from this sale.”
This month Yida rejected the request, saying that the rehabilitation package only allows sub -people for commercial plots, not in favor of homebukes. The CEO said, “If the Greenboy Infrastructure fails to deposit Rs 110 crore by June 30, 2025, the allocation of the township project will be canceled.”
The developer said it was ready to complete the project and capture buyers. The spokesperson said, “But the authority has not resolved our issues. We have requested for a discount of interest on the land which we cannot reach due to the farmer's living, writing (arguments), or farming, but have not been considered,” the spokesman said.
