Greater Noida Authority gives in-principle nod for co-developers in two more stalled projects

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

GREATER NOIDA: The Greater Noida authority has given in-principle approval to appoint co-developers for two long-stalled group housing projects in Sector 10 and Sector 1 under UP government’s policy for legacy stalled real estate projects.

In the second case, the Authority 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. (HT Archive)

With these approvals, nine stuck projects in the city have now been allowed to induct co-developers to revive construction.

Under the 2023 policy, the Authority offered interest waivers to stalled housing projects if the developer opted to pay 25% of total dues, and 75% be paid in 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,” said Ravi Kumar NG, CEO, Greater Noida authority.

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, said officials.

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.

In the second case, the Authority 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 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.