Yeida has decided to cancel land parcels allotted to realtors Supertech and Sunworld Infrastructure after the two failed to clear land cost dues
The Yamuna Expressway Industrial Development Authority (Yeida), in its board meeting held on Wednesday, decided to cancel the land parcels allotted to realtors Supertech and Sunworld Infrastructure in Sector 22D for building townships, after the two failed to clear land cost dues despite repeated notices.
On February, 29, 2024, Yeida held a meeting with 11 realtors and informed them that if dues are not cleared in the next 60 days, their allotments will be cancelled.
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In its 81th board meeting held at Greater Noida’s sector Omega 1 office on Wednesday, the board, under the chairmanship of principal secretary Anil Sagar, decided to cancel the allotments of the two realtors.
Officials said the allotments of the two realtors were cancelled as per the provisions of the Uttar Pradesh government’s policy that was announced on December 21, 2023, offering rebates on interests for “stalled legacy housing projects” for the two years of Covid-19 and a staggered repayment schedule.
“But the realtors still failed to clear the dues for these two housing projects and allotment cancellation decision was taken. The board has decided to cancel the allotment of the two projects except on the portion on which third party rights stand as there are many homebuyers who bought units in these projects. Homebuyers’ interests will not be affected by this action,” said Arun Vir Singh, chief executive officer, Yeida.
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The Yeida, in 2011, allotted 100 acres land to Supertech Township that has ₹677 crore financial dues and this project has 3,200 homebuyers, said officials.
“Wherever third party rights are created, Allahabad high court has already issued an order that no coercive action for recovery be taken as land is already in dispute. We have not been allotted the full land and because of that, handing over possession to homebuyers has been affected. The Yeida board’s action is illegal and it’s a contempt of court,” said RK Arora, chairman, Supertech Group.
In 2011, Yeida also allotted 100 acres to Sunworld Infrastructure for a housing township but they failed to pay ₹816 crore in land cost dues, said officials. Yeida do not have exact details of the number of homebuyers, who invested in the project. But Sunworld Group said they refunded money to all homebuyers.
Sunworld Infrastructure spokesperson said, “The Yeida’s action is unlawful because they failed to give the possession of the land to us on time. We paid around ₹100 crore for this plot and they gave possession of 100 acres in 2019, eight years after the allotment. We are demanding interest waiver for those eight years.”
There are a total of 11 realtors who have projects along Yamuna Expressway in the vicinity of the greenfield Noida international airport in Jewar.
“Six realtors of these 11 realtors took benefit of the state government scheme, paid 25% dues and agreed to pay the remaining dues in a timebound manner. Three realtors are in litigation in different courts. The board has made it clear that homebuyer interests will be protected. And the registry in Supertech Limited, another project of the developer, will be executed if they provide all required documents,” said Singh.
The board has also decided to construct an additional 30m wide and 8.25km long road between the greenfield airport and Yamuna Expressway. The board allowed the National Highways Authority of India to build this road and NHAI will spend ₹63 crore on this project. Yeida has agreed to provide the required land for the same.
The board also agreed to provide a smooth entry/exit to Sector 21, where Film City project over 1,000 acres has been proposed and the work on the same is likely to be started soon. The Bayview Project LLP is likely to lay the foundation stone for the project after completing formalities, said officials.
Yeida is likely to allot around 200 acres to Indian Exposition Mart Limited that has demanded a plot to develop a convention and international business facility centre to host international events. The board has asked to carry out a feasibility study before allotting land for the project.
