Noida to come up with co-developer policy to revive delayed real estate projects

The Noida Authority on Saturday announced plans to formulate a co-developer policy aimed at relaunching stalled housing projects, a move that could benefit thousands of home buyers awaiting completion of apartments, officials said on Saturday. The decision was taken during a board meeting on Saturday chaired by Uttar Pradesh Chief Secretary Manoj Kumar Singh at the Sector 6 headquarters of the Noida authority, which was attended by key officials including the CEO of the Noida authority, Lokesh M, and Gautam Budh Nagar District Magistrate Manish Kumar Verma.

The Noida Board has roped in two co-developers to restart construction of two stalled housing projects by Sunworld Residency Private Ltd. in Sector 168 and Ambience Private Ltd. in Sector 115.

Two co-developers to help with stalled projects

The authority has appointed two co-developers to expedite the construction of two long-delayed housing projects — Sunworld Residency in Sector 168 and Ambience in Sector 115 — where development had stalled due to insufficient funding for the last mile, officials said. Nimbus Projects Limited will oversee the Sunworld project, while Theme County Private Limited has been appointed to the Ambience project.

Despite several attempts, Sunworld Residency, Ambience, Nimbus Projects Limited and Theme County Private Limited did not respond to HT’s request for comments on the matter.

Chief Secretary Singh directed the Noida authority to come up with a dedicated co-developer policy to address specific financial and technical issues that have prevented the completion of various housing projects.

Lokesh M, CEO, Noida authority, said the existing co-developer policy, outlined in the state’s December 21, 2023 guidelines, does not sufficiently address the unique challenges of each stalled project. “The new policy will be made keeping in mind the problems faced by delayed housing projects,” the CEO said. However, the policy is still in development with no fixed timetable for implementation.

The state government has roped in Nimbus Projects Limited for the Sunworld project and Theme County Private Limited for the Ambience housing project as part of a policy announced on December 21, 2023, officials said. This initiative aims to secure financing and ensure timely delivery for flat buyers, benefiting around 2,000 home buyers from these two projects, they added.

In addition, the authority has mandated that property buyers and real estate agents enter into agreements only after proper registration. This change addresses the current practice of unregistered property sales. As a result, buyers will now have to pay stamp duty based on the contract amount.

Assets of developers that do not have obligations to be sealed

Moreover, the authority has decided to seal the assets of 49 allottees who owe approx ₹1,560 million euros in financial taxes. This action follows a final notice issued to defaulters.

The meeting also saw progress on the Dadri-Noida-Ghaziabad Investment Region (DNGIR), also known as New Noida. Following the UP government’s recent approval of the master plan for DNGIR, the Noida authority’s board has given permission to acquire land for the development, a step expected to boost regional growth, officials said. Covering 20,911 hectares in 84 villages of Bulandshahr and Gautam Budh Nagar, including the Noida International Airport, the new area will be equal to the current developed area of ​​Noida, they added.

“The board has allowed us to directly purchase the agricultural land from the farmers at the prevailing circle rate in these villages, which have been notified by the government. We will soon start buying the land following the laid down rules,” said Lokesh M.

However, the board did not address issues related to the long-delayed Sports City project. “The matter will be looked into by the state,” the officials added.