The Yamuna Expressway Industrial Development Authority (YEIDA) has issued a final ultimatum to Greenbay Infrastructure Private Limited, warning that failure to clear outstanding dues amounting to ₹118 crore by July 31, 2025, will lead to cancellation of the developer’s flagship township project, Greenbay Golf Village, located in Sector 22D, Greater Noida.
YEIDA’s notice marks the culmination of a prolonged standoff over unpaid land dues and stalled development progress. The authority has already extended payment deadlines multiple times, with prior deadlines set for April 15 and June 30 this year. However, persistent delays in payments and unresolved issues over land possession have continued to derail the project.
The dispute traces back to the Uttar Pradesh government’s 2023 rehabilitation policy for stalled real estate projects, which recalculated Greenbay’s total liability at approximately ₹441 crore. Under this framework, developers were required to pay 25% of their total dues upfront, with the balance payable in instalments over a defined schedule.
While Greenbay has paid about ₹110 crore initially, followed by further partial payments, the company still owes approximately ₹118 crore. The deadline of July 31 has been described by YEIDA officials as final and non-negotiable, putting significant pressure on the developer to mobilize funds swiftly.
One of the primary reasons cited by Greenbay for delayed payments is the lack of complete possession of allotted land. According to the developer, 30–35% of the 100-acre township area remains under farmer cultivation, preventing the company from initiating full-fledged construction and generating revenue through registries.
A spokesperson for Greenbay Infrastructure stated:
“We are committed to meeting our obligations, but the delay in getting clear land possession has severely impacted our ability to raise funds. Unless the issue of encroachment is resolved, it will be difficult to comply with YEIDA’s demands in full.”
In an effort to raise funds, Greenbay recently requested YEIDA’s permission to sublease a 4,330 square meter commercial parcel within the project, proposing that the proceeds be directly allocated toward dues clearance. However, YEIDA has categorically denied this request, citing policy restrictions which allow subleasing only to homebuyers, not for developer-led commercial transactions.
YEIDA officials emphasized that allowing such subleasing would set a precedent in violation of existing regulations governing township development.
Should Greenbay fail to clear the dues by the end of July, YEIDA has indicated it will initiate cancellation proceedings for the entire project allotment. This move would impact not only the developer but also hundreds of homebuyers who have invested in the township over the past decade.
Real estate analysts point out that such action could further erode confidence in the Greater Noida real estate market, where multiple projects have faced delays due to funding shortfalls and legal hurdles.
Greenbay has appealed to YEIDA to expedite land consolidation and reconsider the sublease request to enable timely payments. However, the authority has maintained a firm stand that no further extensions will be granted.
With less than a month remaining, the company is racing against time to raise the required funds and avoid losing its flagship township project.
Key Takeaways
- Project: Greenbay Golf Village, Sector 22D, Greater Noida
- Outstanding Dues: ₹118 crore
- Final Deadline: July 31, 2025
- Issue: Partial land possession and denied subleasing
- Risk: Project cancellation if dues are unpaid
The next few weeks will be critical in determining the fate of Greenbay Infrastructure’s ambitious township. If the company fails to settle its liabilities, YEIDA’s cancellation will mark another setback for NCR’s real estate sector grappling with stalled projects and delayed deliveries.
