The Yamuna Expressway Industrial Development Authority (YEIDA) has revoked land allotments for Sunworld Infrastructure and Supertech Township in Sector 22D along the Yamuna Expressway, citing unpaid dues totaling INR 302.14 crore. Sunworld Infrastructure owed INR 164.86 crore, while Supertech Township had outstanding dues of INR 137.28 crore. This decision, announced after YEIDA's 81st board meeting, underscores YEIDA's commitment to fiscal discipline and project accountability amidst critical developments near the upcoming Noida International Airport and proposed Film City. As developers like ATS Realty and Greenbay Infrastructure negotiate dues, YEIDA's actions highlight regulatory challenges and financial obligations shaping Greater Noida's real estate landscape.
The Yamuna Expressway Industrial Development Authority (YEIDA) has taken decisive action by cancelling the land allotments of Sunworld Infrastructure and Supertech Township, citing substantial pending dues. These developments, located in Sector 22D along the Yamuna Expressway, were part of ambitious township projects near the upcoming Noida International Airport and proposed Film City.
YEIDA disclosed that Sunworld Infrastructure owed INR 164.86 crore, while Supertech Township had outstanding dues amounting to INR 137.28 crore. This decision, announced after the 81st board meeting chaired by YEIDA's chairman Anil Kumar Sagar, reflects the authority's commitment to financial discipline and project accountability.
In a press briefing following the meeting, YEIDA CEO Arun Vir Singh clarified that while some developers, like ATS Realty and Greenbay Infrastructure, have made partial payments, others remain in default. Greenbay Infrastructure, for instance, has deposited INR 92 crore and has until July 31, 2024, to clear the remaining INR 7 crore. ATS Realty, on the other hand, has deposited INR 5 crore and has been given until August 31 to settle its dues.
Singh emphasised that the authority's decision aims to uphold the integrity of financial commitments in real estate projects critical to Greater Noida's development. He noted that projects with pending dues are being monitored closely, with considerations given to financial capabilities and project progress.
The cancellation of land allotments for Sunworld and Supertech Township projects highlights the challenges faced by developers in meeting financial obligations amidst evolving regulatory frameworks. Sector 22D, strategically positioned near upcoming infrastructure projects, including the Noida International Airport and proposed Film City, remains a focal point for real estate development. Future developments in this area are expected to play a crucial role in bolstering Greater Noida's economic landscape.
YEIDA's approach reflects broader efforts to balance developmental aspirations with fiscal prudence. As developers navigate regulatory complexities and financial obligations, stakeholders in the real estate sector are keenly observing how regulatory measures influence investor confidence and project viability.
In conclusion, while YEIDA continues to facilitate growth through strategic land allocations, the authority's decision to cancel allotments for Sunworld and Supertech Township projects underscores the importance of timely compliance with financial commitments in real estate ventures. The evolving landscape in Greater Noida presents both challenges and opportunities, shaping the future trajectory of urban development in the region.
Advertisement
Facebook
Whatsapp
