Homebuyers have new hope now that the Greater Noida Authority has given the go-ahead to two stalled real estate projects

By Bricksnwall | 2025-12-03

The Greater Noida Authority has agreed in principle to hire co-developers for two real estate projects under the UP government's policy for projects that are delayed.

The Greater Noida Authority has given in-principle approval to hire co-developers for two stalled group housing projects in Sectors 10 and 1. This gives people some hope that long-delayed real estate projects may finally get off the ground. The UP government's co-developer policy for legacy delayed projects approved this move. It takes the total number of Greater Noida developments that can hire co-developers to nine, which means that building can start again.

The 2023 UP rehabilitation policy says that stalled housing projects can get financially strong co-developers to help finish the building and pay off debts. The Authority also said that developers might avoid paying interest on these kinds of projects if they paid 25% of the total dues up advance and the other 75% over three years.

The policy has been able to get a few stalled projects back on track and give trapped homebuyers a glimmer of optimism. The Hindustan Times newspaper quoted Ravi Kumar NG, CEO of the Greater Noida Authority, as saying, "Well-known real estate companies like Birla Estate, Sobha, and others have come to Greater Noida to get the stalled housing projects back on track."

Two Projects have been approved under the Co-Developer Policy

The Authority has accepted Birla Estates as a co-developer for the stalled Nobal Buildtech project in Sector 10, which covers roughly 20,000 square meters. Officials told the paper that there has been no work on the site, which was given out in 2015 with a deadline of seven years.

The policy said that the Authority owed roughly ₹78 crore as of December 2023 and asked for 25% of that amount (about ₹19 crore) to be paid. The allottee could only put down ₹1.7 crore. So, in October 2025, the Authority gave out a recovery certificate worth roughly ₹120 crore.

The allottee and Birla Estates thereafter applied together to make Birla a co-developer. The report said that the Authority looked over Birla's finances and agreed to let it be a co-developer as long as it pays 25% of the recalculated dues within a month.

In the second case, the Authority has accepted Floral Homes as a co-developer for the stalled project of Gayatri Hospitality & Realcon in Sector 1, which is roughly 36,000 square meters and was given to them in 2011. There was no progress on the construction.

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 promised to pay the bills in one month using money from SWAMIH.

Hawelia Realtors was the first company to be accepted under the policy for a stalled Sector 16B project when it was put into place in 2023.

Source: Hindustan Times