YEIDA Cancels Supertech and Sunworld Land Deals Over Unpaid Dues

The Yamuna Expressway Industrial Development Authority (YEIDA) has cancelled land allotments to Sunworld Infrastructure and Supertech Township due to unpaid dues. These cancellations affect land parcels near the upcoming Noida International Airport and proposed Film City. Sunworld Infrastructure owed Rs 164.86 crore, while Supertech Township had dues of Rs 137.28 crore.

Representative image

Pending Dues and Deadlines

YEIDA has also set deadlines for other developers to clear their dues. ATS Realty has until August 31, and Greenbay Infrastructure has until July 31 to settle their outstanding amounts. These deadlines were established following recommendations from the Amitabh Kant Committee on stalled projects.

The decision to cancel the land allotments was made during YEIDA's 81st board meeting in Greater Noida, chaired by Anil Kumar Sagar. YEIDA CEO Arun Vir Singh explained that ATS Group had funds in an escrow account, which have now been accounted for, giving them time until August 31 to clear remaining dues.

Impact on Buyers

Singh noted that six allottees have fully paid their dues. However, Sunworld and Supertech failed to meet their obligations, leading to the cancellation of their land allocations. This decision excludes the interests of buyers with third-party rights in these projects.

Both cancelled land parcels are located in Sector 22D along the Yamuna Expressway, close to significant upcoming developments like the Noida International Airport and the proposed Film City. The authority aims to ensure that these prime locations are developed responsibly.

Other Developers' Status

Greenbay Infrastructure has deposited Rs 92 crore with YEIDA and has until July 31, 2024, to pay the remaining Rs 7 crore. ATS Realty has deposited Rs 5 crore and must clear the rest by August 31. Omnis Developers paid Rs 9.54 crore, Logix Buildstate cleared Rs 62 crore, Ajay Realcon settled Rs 2.12 crore, and Starcity Developers paid Rs 3.38 crore.

Some developers still have pending dues but are either undergoing insolvency proceedings or have cases in various courts. Singh highlighted that these situations complicate the resolution of their outstanding amounts.

The authority's actions reflect a commitment to ensuring that developers meet their financial obligations while balancing the interests of buyers and stakeholders involved in these projects.