The Yamuna Expressway Industrial Development Authority (YEIDA) has recently canceled the allotment of land parcels to Sunworld Infrastructure and Supertech Township. These developers, who were allocated around 100 acres of land in Sector 22D along the Yamuna Expressway, had pending dues worth Rs 164.86 crore and Rs 137.28 crore, respectively. The cancellation comes in light of the upcoming Noida International Airport and proposed Film City projects. YEIDA Chairman Anil Kumar Sagar, who chaired the 81st board meeting of YEIDA, announced the decision after careful consideration. The authority has also provided a grace period for developer ATS Realty and Greenbay Infrastructure to clear their pending dues. ATS Realty has until August 31, while Greenbay Infrastructure has until July 31, to settle their outstanding liabilities.
An Amitabh Kant Committee Recommendation: The decision to cancel land allocation was made following the recommendations of the Amitabh Kant Committee. This committee was set up to address legacy stalled projects and allowed the builders to continue their work with the condition of clearing their outstanding dues. However, as Sunworld Infrastructure and Supertech Township failed to uphold their contractual obligations, YEIDA was left with no choice but to cancel their land allocations. It’s worth noting that the canceled land parcels are located in Sector 22D along the Yamuna Expressway, close to both the upcoming Noida International Airport and the proposed International Film City. The cancellation specifically targeted the land allocated to the developers, excluding the rights of third-party buyers who are no longer impacted by these decisions.
Other Developers Clearing Dues: Alongside the cancellation of land parcels, the YEIDA also reported the progress made by other developers in clearing their dues. Greenbay Infrastructure, for instance, has already deposited an amount of Rs 92 crore and has till July 31, 2024, to pay the remaining Rs 7 crore. ATS Realty has deposited Rs 5 crore and has been given an extension until August 31 to clear the remaining dues. Additionally, several other developers have also made efforts to settle their financial obligations. Omnis Developers and Logix Buildstate have deposited Rs 9.54 crore and Rs 62 crore, respectively. Ajay Realcon and Starcity Developers have also cleared their dues worth Rs 2.12 crore and Rs 3.38 crore, respectively. The actions taken by YEIDA reflect both the authority’s commitment to enforcing financial accountability and its determination to ensure timely and successful completion of real estate projects. Conclusion: YEIDA’s decision to cancel the allotment of plots to Sunworld Infrastructure and Supertech Township highlights the authority’s strict stance on ensuring builder compliance. By holding developers accountable for their pending dues, YEIDA is moving forward with its mission to facilitate transparent and efficient development in the area. As other developers work towards clearing their liabilities, the landscape of Sector 22D along the Yamuna Expressway promises to evolve significantly in the coming months.
