Greater Noida Approves Co-Developers Restarting Two Long-Stalled Housing Projects For Homebuyers

Greater Noida authorities have approved private co-developers to restart two long-stalled group housing projects in Sectors 10 and 1, offering renewed hope for homebuyers awaiting possession. The decision, under Uttar Pradesh’s 2023 co-developer policy, allows financially strong partners to jointly complete construction while easing outstanding dues. The approvals expand the total number of Greater Noida projects eligible for co-developers to nine, signalling a market-driven revival of legacy housing developments and a faster resolution compared with prolonged legal or financial delays.

In Sector 10, Birla Estates has been authorised to co-develop a project originally allotted to Nobal Buildtech in 2015, covering roughly 20,000 square metres. Construction had been stalled for years due to unpaid dues and financial constraints. Under the policy, developers must deposit 25 per cent of recalculated dues—around ₹19 crore of ₹78 crore—within a month to secure formal recognition. Birla Estates’ financial credentials satisfied the authority, enabling construction to resume once the initial payment is cleared.Meanwhile, in Sector 1, Floral Homes has been approved to co-develop a 36,000-square-metre project initially allotted to Gayatri Hospitality & Realcon in 2011. The project had faced prolonged legal proceedings, including an NCLT petition, resolved following an NCLAT order. Revival efforts are supported by the SWAMIH Fund, which has sanctioned ₹300 crore for completion. Floral Homes has committed to depositing outstanding dues within a month, leveraging this funding to resume construction.

The UP co-developer policy was introduced to address stalled housing projects resulting from financial distress, technical delays, or erosion of trust in original developers. By allowing credible private co-developers to take over, the framework ensures timely project completion, protects homebuyers’ interests, and enables authorities to recover pending dues. RERA facilitates formal recognition of co-developers through a tripartite agreement, allowing them to revalidate building plans, seek project extensions, and access bank financing.Industry analysts note that the policy is commercially attractive as co-developers evaluate the potential of unutilised Floor Space Index (FSI), providing additional revenue opportunities upon completing stalled developments. Compared with lengthy resolutions through NCLT, this market-driven approach enables projects to restart within months rather than years, offering a quicker and more predictable outcome for all stakeholders.

Officials emphasise that the policy reflects national recommendations for market-based solutions to legacy stalled projects, balancing civic responsibility with private investment incentives. For homebuyers in Greater Noida, the approvals mark a significant step toward possession after years of uncertainty, while also exemplifying a model for inclusive, sustainable, and financially viable urban development.

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Greater Noida Approves Co-Developers Restarting Two Long-Stalled Housing Projects For Homebuyers