The Noida Authority has announced plans to introduce a co-developer policy to help restart stalled housing projects, a move that could offer long-awaited relief to thousands of homebuyers awaiting possession of their homes.
Experts say the proposed policy could be a game-changer for the NCR real estate market, tackling two major challenges - incomplete projects and distressed buyers. For homebuyers stuck in limbo for years, the policy offers a faster and more practical alternative to lengthy legal proceedings through the NCLT or Supreme Court, they said.
By allowing credible, delivery-focused developers to step in and complete unfinished projects, the policy has the potential to accelerate construction and finally move buyers closer to possession, something many have been waiting on for over a decade, they said.
Noida’s co-developer policy: Case studies
The co-developer policy implementation is still in its early stages. While several applications are under review, the actual number of formally approved co-developer arrangements remains limited as the authority is carefully vetting each proposal to ensure financial viability and technical competence of the incoming partners, said Santhosh Kumar, vice chairman, ANAROCK Group.
The Noida Authority board recently approved a co-developer proposal for Supertech Limited’s stalled housing projects, paving the way for completion of delayed housing projects in the city. The move comes after the realty firm Apex came forward to infuse funds and deliver the stalled housing projects of the Supertech Limited in Noida and other cities including Greater Noida, Yamuna City and others.
{{/usCountry}}The Noida Authority board recently approved a co-developer proposal for Supertech Limited’s stalled housing projects, paving the way for completion of delayed housing projects in the city. The move comes after the realty firm Apex came forward to infuse funds and deliver the stalled housing projects of the Supertech Limited in Noida and other cities including Greater Noida, Yamuna City and others.
{{/usCountry}}The Apex’s proposal is under consideration in the Supreme Court that is likely to hear the Supertech case on August 13, 2025.
Noida Authority chief executive officer (CEO) Lokesh M was quoted by Hindustan Times newspaper as saying that the board has given approval to Supertech Limited’s co-developer as per their rules.
“If the co-developer will pay 25% of total dues, we will allow them to work. Our aim is that the Noida authority gets its land cost dues and the homebuyers get their flats,” said Noida authority’s CEO Lokesh M.
In October 2024, the Noida authority board had roped in two co-developers to restart the construction on two stalled housing projects by Sunworld Residency Private Ltd. in Sector 168 and Ambience Private Ltd. in Sector 115 as part of the co-developer policy announced in December 2023.
What is a co-developer policy?
Noida Authority’s co-developer policy is targeted at legacy projects that remain incomplete due to financial distress, technical challenges, or the erosion of the original developer’s credibility in the market, explains Deepak Kapoor, Director, Gulshan Group.
Recognising the need to unlock value in these stuck projects, the government has now allowed a co-developer to step in with someone with the financial muscle, technical expertise, and market reputation to restart and complete the development.
Under the policy, a co-developer conducts due diligence to assess the viability of a stalled project, including the extent of land dues owed to the Noida Authority. If deemed feasible, the co-developer partners with the original developer to take over the project. Together, they approach the Noida Authority with a proposal to resume construction, he said.
One of the major incentives is that once the co-developer pays 25% of the outstanding land dues, say ₹150 crore is due, they pay ₹37.5 crore upfront, the project is regularised. The remaining amount can be paid in a staggered manner.
Once the 25% payment is made, the project is considered regularised. Also, RERA now allows the co-developer to be formally recognised as a promoter after a tripartite agreement is registered. This recognition enables the co-developer to apply for re-sanctioning of building plans if earlier approvals have lapsed,
an extension of the project's completion timeline and access to fresh bank financing, he said.
This framework ensures that projects once stalled can now be revived and taken through to completion, benefiting both homebuyers and the Authority, which will recover its dues, said Kapoor.
Gulshan Group has expressed interest to come in as a co-developer for the project Ajnara Ambrosia (Sector 118), subject to approvals from the Noida Authority and the state government. The application is currently being processed through the National Company Law Tribunal (NCLT) and will be forwarded to the Noida Authority at a later stage, he said.
According to Kapoor, co-developers generally assess projects based on commercial viability. They evaluate the amount of unutilised Floor Space Index (FSI), also referred to as virgin FSI, that can be leveraged for new development once the stalled portion of the project is completed. A co-developer’s decision to step in hinges on whether the project offers a sound business case.
How will the co-developer policy benefit homebuyers?
The co-developer policy addresses a significant portfolio of stalled real estate projects across Noida and Greater Noida. The exact number of projects that will ultimately benefit depends on meeting the eligibility criteria and the response from potential co-developers.
“The co-developer mechanism presents a balanced proposition for all stakeholders. For homebuyers, the arrangement provides project completion assurance and faster possession timelines after prolonged uncertainty. The incoming co-developer benefits from gaining access to strategically located housing inventory with pre-existing approvals and infrastructure while sharing revenue with the original developer or authority based on the agreed framework,” said Santhosh Kumar.
How Noida’s co-developer policy differs from the NBCC-Amrapali model
Noida’s proposed co-developer policy has the potential to be a genuine win-win solution, addressing two major challenges plaguing the NCR real estate market: stalled housing projects and distressed homebuyers. For thousands of buyers left in limbo, many for years, this policy offers a pragmatic route to project completion without the long, uncertain wait associated with insolvency tribunals or Supreme Court interventions, said Venket Rao of IntygratLaw.
This model draws from recommendations in the Amitabh Kant committee report, which laid a foundation for solutions to revive stuck projects across India.
Co-developers stand to gain several strategic advantages under the new policy. They enter partially developed projects with existing infrastructure, benefit from an established customer base, reducing marketing costs and have the opportunity to monetize unsold inventory or commercial spaces. Additionally, the upfront investment is significantly lower compared to greenfield developments, experts say.
However, the success of this approach hinges on strong regulatory safeguards. Transparency in the bidding process, rigorous due diligence, enforceable timelines, and monitoring under RERA are essential to ensure accountability and prevent misuse, he said.
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The policy introduces a market-driven framework that encourages credible private developers to step in and complete unfinished projects. Unlike the NBCC-Amrapali arrangement where the Supreme Court appointed a public sector undertaking (NBCC) to take over in a custodial, non-commercial capacity, this model allows profit-driven private players to participate, said Rao.
Unlike NCLT-led resolutions that often stretch out for years due to valuation disputes and complex creditor claims, the co-developer route can speed up project revival, potentially delivering results in a matter of months, he said.
Ultimately, for Noida’s policy to succeed, it must be built on three pillars: developer credibility, regulatory oversight, and buyer-centric accountability. If executed with these safeguards, it can restore trust, fast‑track stalled developments, and emerge as a model for other cities grappling with similar real‑estate distress, added Rao.