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The real estate market in Greater Noida is witnessing a significant revival as the Greater Noida Authority has granted in-principle approvals to appoint co-developers for two stalled housing projects. This move, under the Uttar Pradesh government’s co-developer policy for legacy projects, provides fresh hope for homebuyers who have been waiting years for possession. By allowing financially strong co-developers to step in, the policy aims to restart construction, clear pending dues, and ensure the timely delivery of homes.
Understanding the Co-Developer Policy in UP
The co-developer policy, introduced in 2023 by the UP government, is designed to address stalled real estate projects caused by financial stress, technical issues, or loss of trust in the original developers. The policy allows a credible co-developer to join hands with the original promoter to complete the project.
Key features of the policy include:
- Upfront payment of 25% of the total pending dues by the co-developer to regularize the project.
- The remaining 75% dues can be cleared over a period of up to three years.
- Formal recognition of the co-developer as a promoter under RERA through a tripartite agreement.
- Revalidation of building plans, extension requests, and access to bank financing for the project.
This framework benefits both homebuyers and developers by ensuring project completion while providing financial safeguards.
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Projects Approved for Co-Developer Appointment
1. Sector 10 – Nobal Buildtech Project
The stalled Nobal Buildtech project in Sector 10 spans approximately 20,000 square meters and was originally allotted in 2015 with a seven-year completion deadline. Construction had not commenced for several years, leaving homebuyers frustrated.
The Greater Noida Authority has now approved Birla Estates as a co-developer for this project. The total outstanding dues were calculated at ₹78 crore as of December 2023, with the policy requiring a 25% upfront payment of around ₹19 crore. However, the allottee could deposit only ₹1.7 crore, prompting the authority to issue a recovery certificate for ₹120 crore in October 2025. Birla Estates, after review, has been cleared to join as a co-developer, provided the 25% recalculated dues are paid within one month.
2. Sector 1 – Gayatri Hospitality & Realcon Project
The second project in Sector 1, originally allotted in 2011, covers around 36,000 square meters and has seen no construction progress. Floral Homes has been approved as the co-developer, backed by the SWAMIH Fund, which has sanctioned ₹300 crore for the project’s completion.
The outstanding dues for this project were ₹131 crore, and the co-developer is required to deposit ₹29 crore upfront using SWAMIH funding. Once the payment is made, construction is expected to restart promptly, bringing long-awaited relief to homebuyers.
How Homebuyers Benefit
The appointment of co-developers under the policy provides several advantages to homebuyers:
- Projects get revived quickly without prolonged legal disputes.
- The tripartite agreement formalizes the co-developer’s role and ensures accountability.
- Homebuyers gain clarity on timelines, possession, and financial compliance.
- Interest waivers or structured payment plans reduce financial burden on allottees.
With these measures, homebuyers can finally look forward to receiving their flats after years of uncertainty.
Role of Greater Noida Authority
The Greater Noida Authority plays a crucial role in monitoring stalled projects and ensuring compliance with the co-developer policy. Its responsibilities include:
- Reviewing applications for co-developer appointments.
- Calculating outstanding dues and issuing recovery certificates.
- Monitoring project progress and adherence to construction timelines.
- Facilitating approvals for building plans, extensions, and financing.
Through these measures, the authority ensures that stalled projects are revived efficiently and homebuyers’ interests are safeguarded.
Commercial Viability and Developer Perspective
For co-developers, the policy presents a commercially viable opportunity. Key factors include:
- Availability of unutilized Floor Space Index (FSI) that can be monetized post-construction.
- Strong potential returns from completing stalled projects and delivering premium residential units.
- Attractiveness of partnering with reputed developers and leveraging market demand.
Developers like Birla Estates, Sobha, and Floral Homes have shown interest due to the policy’s structured financial framework and regulatory clarity.
Previous Success Stories
The policy has already helped revive stalled projects in Greater Noida:
- Hawelia Realtors in Sector 16B.
- Sunworld Residency Private Ltd. in Sector 168.
- Ambience Private Ltd. in Sector 115.
These examples demonstrate the policy’s effectiveness in ensuring timely project completion and restoring buyer confidence.
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Comparison with Other Revival Mechanisms
Unlike the Supreme Court-directed Amrapali-NBCC model, which relied on public-sector intervention, the co-developer policy encourages private developers with commercial incentives. This approach:
- Offers faster resolution compared to prolonged NCLT proceedings.
- Aligns with market-driven solutions for stalled projects.
- Ensures results in months rather than years, benefiting both homebuyers and the real estate sector.
Conclusion
The approval of co-developers for the two stalled projects underlines the proactive role of the Greater Noida Authority in reviving long-delayed real estate developments. With structured payment plans, financial backing from credible developers, and strict oversight, homebuyers finally have a tangible path to possession.
This initiative not only restores confidence among allottees but also strengthens Greater Noida’s reputation as a city committed to timely delivery and sustainable urban growth. With continued implementation of the co-developer policy, many more stalled projects are expected to restart, bringing relief to thousands of homebuyers.
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Ans 1. The co-developer policy allows financially credible developers to join stalled real estate projects, pay a portion of pending dues upfront, and complete construction under a tripartite agreement, ensuring timely delivery for homebuyers.
Ans 2. The Nobal Buildtech project in Sector 10 and the Gayatri Hospitality & Realcon project in Sector 1 have been approved, with Birla Estates and Floral Homes stepping in as co-developers respectively.
Ans 3. Homebuyers gain quicker project revival, clear possession timelines, financial safeguards through structured payments, and accountability ensured via tripartite agreements.
Ans 4. The authority monitors stalled projects, calculates dues, issues recovery certificates, approves building plans and extensions, and ensures co-developers adhere to construction timelines.
Ans 5. Developers benefit from monetizing unutilized FSI, tapping into strong market demand, and partnering with reputable promoters under a structured financial framework with regulatory clarity.
Ans 6. Unlike public-sector or court-directed interventions, the co-developer policy relies on private developers, offering faster, market-driven resolutions and quicker project completion for buyers.