The Noida Authority to launch a co-developer policy for stalled realty projects, aiming to revitalize unfinished housing developments across the region. This announcement was made during a recent board meeting chaired by Uttar Pradesh Chief Secretary Manoj Kumar Singh. The initiative is expected to benefit thousands of homebuyers who have been anxiously awaiting the completion of their apartments.
Objectives of the Noida Co-Developer Policy for Stalled Realty Projects
The new co-developer policy will address funding and technical challenges affecting several realty projects. The existing co-developer policy, established by the state in December 2023, lacks specificity. Noida Authority CEO Lokesh M. emphasized the need for a more tailored approach to tackle the unique issues that delayed projects face.
Appointing co-developers to revive stalled realty projects
To kickstart project revival, the Noida Authority appointed two co-developers for long-delayed projects: Sunworld Residency in Sector 168 and Ambience in Sector 115. These projects stalled due to inadequate last-mile funding. Nimbus Projects Limited will oversee the Sunworld project, while Theme County Private Limited will manage the Ambience project. This collaboration aims to expedite construction and provide relief to around 2,000 affected homebuyers.
New registration rules under Noida’s co-developer policy
To enhance accountability and transparency, the Noida Authority introduced mandatory registration for all property agreements. Now, buyers will pay stamp duty based on the agreed property amount. This change aims to reduce unregistered sales and protect buyers’ interests.
Financial accountability and Noida’s co-developer policy for stalled realty projects
In a move to enforce financial accountability, the authority plans to seal the assets of 49 property allottees. These allottees owe approximately ₹1,560 crore in outstanding dues. This action follows multiple payment notices and serves as a warning to other defaulters.
Progress on new development plans in Noida for stalled realty projects
The board also discussed the progress of the Dadri-Noida-Ghaziabad Investment Region (DNGIR), recently greenlit by the Uttar Pradesh government. Known as “New Noida,” this massive 20,911-hectare project spans 84 villages, aligning with the state’s plan to expand the Noida International Airport and stimulate regional growth. Under this initiative, the Noida Authority has received permission to purchase land directly from farmers at the government-specified circle rates.
Future prospects for Noida’s real estate sector amid co-developer policy
While the new co-developer policy and recent land acquisitions mark significant steps, some projects, such as the Sports City, remain under review by the state government. However, with the Noida Authority’s proactive measures, the city’s real estate sector is poised for a revival that could benefit both developers and thousands of hopeful homeowners.
