Noida/Greater Noida : In a major setback for investors in the Supertech Upcountry project, the Yamuna Expressway Industrial Development Authority (YEIDA) has rejected the real estate developer’s proposal to deposit only 5% of dues under the Amitabh Kant Committee’s revival recommendations. This decision has triggered anxiety among those who have purchased plots and flats in the ambitious township project.
As per government directives, builders must deposit a minimum of 25% of their outstanding dues to be eligible for the benefits of the revival scheme. Supertech had submitted its proposal for the Upcountry project located in Sector 17A, but it was turned down by the YEIDA board.
In a related move, YEIDA has directed Greenbay Infrastructure to deposit ₹117 crore by June 30, failing which its 200-acre land allotment in Sector 22D will be cancelled. For SDS Infracon Pvt. Ltd., outstanding dues will be calculated up to June 30, 2025.
So far, seven projects in the YEIDA region have been brought under the scope of the revival scheme, with the Authority collecting ₹407.90 crore as the initial 25% payment. An additional ₹621 crore is expected to be collected within the next year.
The Upcountry project has already seen 6,879 property registrations, yet thousands of buyers are still waiting for their registrations and physical possession. With the rejection of Supertech’s proposal, their wait now appears to be longer and more uncertain.