‘Co-developers’ to help Noida realtors complete stuck projects

Realtors are looking for co-developers to complete partly finished housing projects and also those which are yet to take off in Noida and Greater Noida.

Realtors are looking for co-developers to complete partly finished housing projects and also take on those which have not begun, in Noida and Greater Noida.

The provision for a co-developer is one of the solutions available to builders under the new project settlement policy. (HT File Photo)

The provision for a co-developer is one of the solutions available to builders under the new project settlement policy. A co-developer in a realty project can be associated with the realtors only for completing a project on the vacant land.

Investments of thousands of homebuyers are stuck in sick realty projects, as many developers have failed to finish housing projects due to a dip in the realty market.

There are several projects in which the land allotted is still completely vacant.

In many instances, developers have undertaken construction on a part of the land. Of the 203 ongoing housing projects in Greater Noida, 65 are stuck and their developers are yet to reach a settlement with the authority .

Last month, representatives of the confederation of real estate developers of India association (CREDAI) had met Deepak Agarwal, the chief executive officer (CEO) of Noida and Greater Noida authorities, and discussed the issues related to partnering with co-developers.

“There are 20 realtors looking for co-developers to deliver projects. The authorities have given us six months to execute the project settlement policy. Builders are in discussions with possible co-developers,” Suresh Garg, general secretary of CREDAI and CMD of Nirala World, said.

The Noida and Greater Noida authorities are, however, yet to allot a project to a co-developer.

Amrapali Group, which has the largest land pool in Noida and Greater Noida, is looking for co-developers in six projects — Leisure Park, Leisure Valley, Golf Homes, Silicon City, Princely Estate and Dream Valley.

“We have 50,000 sq m land in Leisure Park, 1.5 lakh sq m in Leisure Valley, 1 lakh sq m in Golf Homes, 60,000 sq m in Silicon City, 10,000 sq m in Princely Estate and 71,000 sq m in Dream Valley,” Shiv Priya, director of Amrapali Group, said.

We are looking for co-developers for these six projects. We hope that with this scheme, we will deliver flats and homebuyers will get relief,” Shiv Priya added.