The allottees were asked to pay 30% of the premium upfront. The remaining amount was to be paid in 16 instalments over eight years, or two each year. The Noida Authority was also going to charge an annual lease rent, which would be 2.5% of the total premium. This rent was revised from time to time to match the prevailing circle rate.

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Over the years, 62 institutions have failed to pay up the money they owed. Since June, the Noida Authority has cracked down on the defaulters. Of the total dues, Rs 7,000 crore, the institutional department accounts for Rs 600 crore.

“Besides private institutions, the list of defaulters includes banks, government department buildings and post offices. They have been given time till November 22 to make use of the one-time settlement policy,” said Indu Prakash Singh, officer on special duty, Noida Authority.

The policy was introduced in June this year, a month after which the Authority started sending notices to defaulters. “Most government departments have not paid increased rent for several months,” a source said.The source added that the Authority has started consultations with the legal department to cancel leases of half a dozen institutional defaulters. Some are yet to settle the dues while others are facing action for not paying the increased lease rent.