Greater Noida Authority Approves Co-Developers for Two More Stalled Housing Projects, Reaching Nine Total
The Greater Noida Authority has just cleared a significant hurdle for homebuyers. It has approved Birla Estates as a co-developer for Nobal Buildtech's stalled project in Sector 10. Floral Homes is stepping in for Gayatri Hospitality & Realcon's work in Sector 1. Now, they can bring in partners under Uttar Pradesh's rehabilitation policy for nine projects.
Background on the Stalled Projects
These projects have been stalled for years, leaving buyers in limbo. Nobal Buildtech’s Sector 10 plot, spread over 20,000 sqm, remains unfinished with mounting dues. Gayatri’s Sector 1 site, allotted in 2011 and covering 36,000 sqm, still has incomplete structures. By late 2025, dues touched nearly ₹169 crore, while compensation matters remain stuck in court.
Buyers have faced long waits. Original developers have struggled financially. This new approval changes the situation.
How UP's Rehabilitation Policy Works
Launched on December 21, 2023, the policy allows stalled projects to partner with strong co-developers. They work together to finish construction and settle dues. Key conditions include:
- Deposit 25% of revised dues within one month.
- Pay the remaining balance over three years.
- Interest waivers for upfront payments.
- The Authority will recommend dropping recovery certificates if the terms are met.
What happens if the rules aren't followed? The approval goes away automatically. This setup is faster than time-consuming NCLT routes.
Boost from SWAMIH Fund
Floral Homes' proposal gained traction with support from the SWAMIH Investment Fund. It initially pledged Rs 250 crore in 2022, later increasing it to Rs 300 crore in 2023 for construction. Such backing reassures both the Authority and the buyers.
Relief for Homebuyers and Market Impact
The clearance for these nine projects marks significant progress. Affected families can now see hope. Quicker resolutions could mean ownership in months, not years. Experts point out that this market-driven approach is more effective than dragging through legal battles.
The real estate market in Greater Noida is beginning to thrive. More project completions will help stabilise prices and attract investors. Developers are now looking at similar partnerships in other areas.
What Lies Ahead
The next steps will involve joint agreements. UP-RERA will extend timelines and keep an eye on progress. Buyers should stay updated with news from the Authority. These actions show a commitment to completing delayed projects and rebuilding trust in the sector.
Are we seeing stalled sites becoming active again? That's the hope. Greater Noida is moving ahead.