Nimbus to revive stalled Noida Sector 168 housing project

Noida-based Nimbus said that it will clear land cost dues, pay bank debt, and complete pending infrastructure in the first phase

Real estate firm Nimbus Projects Limited, a co-developer of the Sunworld Arista project in Noida Sector 168, on Monday said that it will deliver the remaining apartments within three years, putting an end to years-long wait of 400 homebuyers after the project was stalled due to the previous realtor’s failure to clear dues to the bank and the Noida authority.

Nimbus said that the second phase — Arista Luxe — is scheduled for completion by 2029. (HT Photos)

Noida-based Nimbus said that it will clear land cost dues, pay bank debt, and complete pending infrastructure in the first phase so that 400 homebuyers who got occupancy certificates in 2019 can finally get registry of their flats.

“As part of the obligations under the Uttar Pradesh government’s co-developer policy, we are committed to paying ₹170 crore dues that the original developer, Sunworld Residency Pvt Ltd, owes to the Noida authority. This step is crucial for enabling registries and restoring confidence among the distressed residents of the stalled project,” said Bipin Agarwal, director of Nimbus projects limited.

The project is built over 10 acres of land, which was allotted in 2010-11 and the unites were supposed to be delivered in 2014. But the realtor didn’t clear dues after which Nimbus came forward to take over the project, said officials.

“We allow a co-developer if the realty firm agrees to clear their land cost dues, and has financial strength to complete and deliver the project,” said Lokesh M, chief executive officer of the Noida authority.

Nimbus said it has already deposited ₹80 crore dues and work is underway to complete the basic amenities in the existing towers. “This includes fire safety installations, a functioning sewage treatment plant (STP), elevators, and other shared facilities that were either incomplete or non-functional when occupancy was granted. At least ₹20–25 crore is being invested in upgrading and completing these facilities. This will ensure existing residents finally get the promised infrastructure and can register their homes without further legal or financial hurdles,” said Agarwal.

Second phase:  ₹1,000 crore for Arista Luxe

Nimbus said that the second phase — Arista Luxe — is under the state’s Legacy Stalled Projects Policy. The new development will include 342 premium apartments across towers 5, 7, 8, and 9, along with a modern clubhouse and landscaped areas.

The project, with an estimated investment of ₹1,100 crore, is being funded by institutional lenders and has received Rera registration and all necessary approvals. It is scheduled for completion by 2029.

Arista Luxe will offer larger flats with modern features like 11-foot floor-to-floor height, double-height entrance lobbies, large balconies, and home automation.

The project was launched by Boulevard Infrastructure Pvt Ltd in 2010, and later taken over by Sunworld Residency Pvt Ltd. The builder failed to complete construction and defaulted on authority dues.

In 2024, the state government allowed Nimbus to join as co-developer under the state’s policy for stalled projects. A formal approval was granted in September last year and ratified by the Noida Authority board later that October.

The revival is expected to provide relief to hundreds of affected families and serve as a model for resolving similar cases in NCR’s stuck real estate sector.

“We are happy with the development with the new developer joining as co-developer to finish remaining work and deliver the entire project. It will help this project get all basic amenities, clearing dues and allowing registries in the name of the home-buyers,” said Sanjiv Kumar, a resident of this project in Sector 168.