YEIDA Cancels Land Allocation To Sunworld And Supertech Over Outstanding Dues

The Yamuna Expressway Industrial Development Authority (YEIDA) on Wednesday said it has cancelled the allotment of land parcels to Sunworld Infrastructure and Supertech Township near the upcoming Noida International Airport and proposed Film City over pending dues.

Around 100 acres of land were allotted to both real estate developers to make townships in Sector 22D along the Yamuna Expressway. Sunworld Infrastructure owed Rs 164.86 crore while Supertech Township had pending dues worth Rs 137.28 crore, according to YEIDA.

Also, the authority, which functions under the Uttar Pradesh government, has given time till August 31 to developer ATS Realty and Greenbay Infrastructure till July 31 to clear their dues.

The pending amounts are 25% of the total dues these builders owed to the authority which the state government had allowed to continue with the works in line with the recommendations of the Amitabh Kant Committee on legacy stalled projects.

The decision for land cancellation was announced after the 81st board meeting of the YEIDA at its office in Greater Noida. The meeting was chaired by YEIDA's chairman Anil Kumar Sagar.

Briefing the media after the meeting, YEIDA CEO Arun Vir Singh said, "ATS Group had some funds in its escrow account which was not counted in our tally but has now been taken in our account afresh. They (ATS) have been given time till August 31 (to clear the dues)."

"There are six allottees who have paid up 100% of their dues. Apart from these, there are two allotees - Sunworld and Supertech - who have not paid their dues. A decision has been taken to cancel their land allocations, excluding the interest of the buyers, who have third party rights, in both these projects," Singh said.

Both these cancelled land parcels are in Sector 22D along the Yamuna Expressway and close to the upcoming Noida International Airport and the proposed International Film City, he said.

According to YEIDA, Greenbay Infrastructure deposited an amount of Rs 92 crore with the authority and has been given time till July 31, 2024 to deposit the remaining Rs 7 crore, while ATS Realty has deposited Rs 5 crore and given time till August 31 to clear the remaining dues.

After the stipulated time period, Omnis Developers has deposited an amount of Rs 9.54 crore, while Logix Buildstate has cleared Rs 62 crore dues, Ajay Realcon and Starcity Developers have cleared dues worth Rs 2.12 crore and Rs 3.38 crore, respectively, it said.

Singh, a senior IAS officer, said some more developers who have pending dues have either their projects in insolvency proceedings or have their cases pending in different courts.