The Yamuna Expressway Industrial Development Authority has given Greenbay Infrastructure a final deadline to deposit dues amounting to Rs 118 crore by the end of July, failing which it will cancel the allotment of land for a 100-acre township in Sector 22D. YEIDA officials said on Friday this was the final ultimatum for the developer. Before this, YEIDA had given the developer a deadline of June 30 to pay its dues. Last month, Greenbay had sought an extension of two months to make the deposit, citing problems with securing full possession of land allotted to it. In response, Greenbay's management said on Friday it has deposited Rs 40 crore and is committed to paying the full amount. We are committed to paying all land dues, but we need the Authority's support to ensure full possession of the allotted land and permission to sublease the commercial part of the project," said Amit Sharma, project director of Greenbay Golf Village — the 100-acre township launched in 2011. According to the developer, approximately 30-35% of the 100-acre site is still under cultivation by farmers, and this has made it difficult to carry out construction and raise funds through sales. The policy recalculated the developer's total dues to Rs 441 crore, of which Rs 110 crore (25%) was to be paid upfront. Greenbay paid this amount the first time but missed the subsequent installments despite extensions. But the authority rejected this request and said that the policy only permits subleases to homebuyers, and not for commercial use. Cultivation by farmers in the middle of the allotted plot gives homebuyers a sense of insecurity about their investment. Possession of the complete land and permission to sublease would help speed up development and sales. The proceeds would go towards paying the remaining dues. 

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