Offering a glimmer of hope for the revival of long-delayed real estate projects, the Greater Noida Authority has granted in-principle approval to appoint co-developers for two stalled group housing projects in Sectors 10 and 1. The move, taken under the UP government’s co-developer policy for legacy stuck projects, brings the total number of Greater Noida developments allowed to induct co-developers to nine, paving the way for construction to restart.
Under the 2023 UP rehabilitation policy, stalled housing projects can rope in financially strong co-developers to jointly complete construction and clear dues. The Authority also offered interest waivers to such projects if developers paid 25% of total dues upfront, with the remaining 75% payable over three years.
“The policy has been able to revive several stuck projects and provide a ray of hope for stuck homebuyers. The reputed realty firms like Birla Estate, Sobha and others have entered into Greater Noida to revive the stuck housing projects,” Ravi Kumar NG, CEO, Greater Noida authority was quoted as saying by the Hindustan Times newspaper.
Approvals given to two projects under the co-developer policy
In Sector 10, the Authority has approved Birla Estates as co-developer for the stalled project of Nobal Buildtech spread over about 20,000 sqm. The plot, allotted in 2015 with a seven-year completion deadline, has seen no construction, the paper quoted officials as saying.
Under the policy, the Authority calculated dues of about ₹78 crore as of December 2023 and issued a demand for 25% payment (around ₹19 crore). The allottee could deposit only ₹1.7 crore. As a result, the Authority issued a recovery certificate of about ₹120 crore in October 2025.
Later, the allottee and Birla Estates jointly applied to bring Birla in as co-developer. The Authority reviewed Birla’s financials and has now permitted it to be a co-developer, on the condition that 25% of recalculated dues is paid within one month, the paper said.
In the second case, the Authority has approved Floral Homes as co-developer for the stalled project of Gayatri Hospitality & Realcon in Sector 1, spread over about 36,000 sqm and allotted in 2011. No construction progress was recorded.
Under the policy, dues were assessed at about ₹131 crore, and the allottee was asked to deposit ₹29 crore which was not paid. The allottee later told the Authority that the matter had gone to NCLT but was released after an NCLAT order in July. It then applied to induct Floral Homes as co-developer, the newspaper reported.
The proposal is backed by SWAMIH (Special Window for Affordable and Mid-Income Housing) Fund, which has approved ₹300 crore for project’s completion. Floral Homes has undertaken to deposit the dues in one month using SWAMIH funding.
Hawelia Realtors was the first to be inducted under the policy for a stalled Sector 16B project after it was rolled out in 2023.
All about UP Govt’s co-developer policy, how does it help homebuyers
Designed to address legacy projects stuck due to financial distress, technical issues, or loss of trust in the original developer, the co-developer policy allows a financially sound and credible co-developer to step in, take control, and complete the project.
A key feature of the policy is that once a co-developer pays 25% of the pending land dues, say, ₹37.5 crore on ₹150 crore total, the project is regularised. The remaining dues can be cleared in a staggered manner. Upon this payment, RERA permits formal recognition of the co-developer as a promoter through a tripartite agreement, allowing them to revalidate building plans, seek project extensions, and access bank financing.
Also Read: Noida Authority’s co-developer policy for stalled real estate projects: All you need to know
“This framework ensures that stalled projects are revived, homebuyers finally get their homes, and the authority recovers its dues,” said a real estate expert.
The policy also appeals to developers from a commercial standpoint. Many evaluate projects based on available unutilised Floor Space Index (FSI), or virgin FSI, which can be monetised after completing the stalled portion. The presence of a viable FSI often influences a co-developer’s decision to invest, say experts.
In October 2024, the Noida authority board had roped in two co-developers to restart the construction on two stalled housing projects by Sunworld Residency Private Ltd. in Sector 168 and Ambience Private Ltd. in Sector 115 as part of the co-developer policy announced in December 2023.
According to Venket Rao of IntygratLaw, UP government’s policy reflects recommendations of the Amitabh Kant committee, which proposed market-based solutions for stalled projects nationwide. Unlike the Supreme Court-directed Amrapali-NBCC model, which used a public-sector entity in a custodial role, Noida’s model encourages private developers with commercial motivation to lead the revival process.
“Compared to slow and uncertain outcomes through NCLT, the co-developer policy offers a quicker, market-aligned resolution, delivering results in months rather than years,” Rao said.