Green Bay Infrastructure Private Limited has taken an important step and paid ₹ 33 crore for the land allotted by the Yamuna Expressway Industrial Development Authority (Yeida) for the land allocated under the TS-06. This amount is 30 percent of the total dues sought by the Authority, 30 percent of ₹ 110 crore, which is 25% of ₹ 441 crore based on the recommendations of Amitabh Kant Committee.
The promoter has also expressed a commitment to pay the remaining amount with payment and has sought two months time from the authority for this. The company has also said that it is ready to give a notarized affidavit for this. However, even after payment, there are many obstacles in the development of the project. Green Bay Infrastructure claims that the authority has not yet given a complete acquisition of the land allotted to them. About 30-35 percent of the plot is still occupied by farmers, where farming is being done. This situation has not only affected the construction work, but has also created an atmosphere of insecurity among home buyers.
Amit Sharma, director of the Green Bay Golf Village Project, said, if the farmers are cultivating in the midst of the allotted plots, it creates a lack of trust in the buyers. This is not only affecting the booking, but has also slowed down the process of payment of arrears. The company has made two major demands from the authority. One, farmers should be compensated to ensure complete acquisition of land by paying compensation and two, the commercial part located in the plot should be allowed to be used so that the income received from the sale can be used directly to repay the dues.
The promoter says that they are committed to the authority to pay 100 percent, but for this, all encroachments on the land should be removed and allowed to carry forward business activities. Green Bay Infrastructure received an allocation of a 100 -acre township plan in 2011, in which a residential plan of about 690 plots was proposed. So far, the company has registered about 300 units.
From time to time, the authority has been informed by the promoter about the problems related to the project, but till now a solid solution has not been found. In such a situation, it will have to be seen what attitude Yamuna Authority now takes. Will the farmers give impetus to the project by freeing the land or will this matter be stretched further.
The way to get a stuck project is clear?
In recent times, work has started on many long stuck projects. This happened after implementing the recommendation of Amitabh Kant Committee. The developers are starting the work of the project by paying 25 per cent of the outstanding amount. This has given a big relief to the buyers who have been waiting for the house for years.
What is the recommendation of Amitabh Kant Committee?
The recommendations of the Amitabh Kant Committee were to revive real estate projects stuck in Noida, Greater Noida and Yamuna Expressway area. The committee suggested that the outstanding amount of the builders should be re -calculated on the basis of circle rate, which reduces their financial burden. In addition, it was recommended to provide relief in interest, penalty and surcharge, make payment in easy installments, and rapid approval of stuck projects. The committee also clarified that these reliefs should be given only to RERA-registered projects and disputes related to land acquisition should be resolved on priority. The aim of these recommendations was that home buyers should get houses on time and trust in the real estate sector again.