The Noida authority on Saturday announced plans to formulate a co-developer policy aimed at reviving stalled housing projects, a move that could benefit thousands of homebuyers who have been awaiting completion of their 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 Noida authorityโs Sector 6 headquarters, with key officials, including Noida authority CEO Lokesh M, Gautam Budh Nagar district magistrate Manish Kumar Verma in attendance.
The Noida authority board 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.
Two co-developers to help with stalled projects
The authority appointed two co-developers to expedite construction on two long-delayed housing projectsโSunworld Residency in Sector 168 and Ambience in Sector 115โwhere development had stalled due to insufficient last-mile funding, officials said. Nimbus Projects Limited will oversee the Sunworld project, while Theme County Private Limited has been assigned to the Ambience project.
Despite multiple attempts, Sunworld Residency, Ambience, Nimbus Projects Limited and Theme County Private Limited did not respond to HTโs request for comments on the matter.
Chief secretary Singh directed the Noida authority to draft a dedicated co-developer policy to address specific financial and technical issues that have hindered the completion of various housing projects.
Lokesh M, CEO, Noida authority, said that the existing co-developer policy, outlined in the stateโs December 21, 2023, guidelines, does not sufficiently address the unique challenges of each stalled project. โThe new policy will be made in view of the issues being faced by the delayed housing projects,โ the CEO said. However, the policy is still in development with no fixed timeline for implementation.
The state government has introduced 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, said officials. This initiative aims to secure funding and ensure timely delivery for apartment buyers, benefiting an estimated 2,000 homebuyers across these two projects, they added.
Additionally, the authority has mandated that property buyers and realtors execute agreements only after proper registration. This change addresses the current practice of unregistered property sales. Consequently, buyers will now have to pay stamp duty based on agreement amount.
Assets of defaulting developers to be sealed
Furthermore, the authority has decided to seal the assets of 49 property allottees who owe approximately โน1,560 crore in financial dues. This action follows a final notice issued to those failing to settle their debts.
The meeting also saw progress on Dadri-Noida-Ghaziabad Investment Region (DNGIR), also known as New Noida. Following UP governmentโs recent approval of the master plan for DNGIR, the Noida authority board granted permission to procure land for development, a step expected to spur regional growth, officials said. Covering 20,911 hectares across 84 villages in Bulandshahr and Gautam Budh Nagar, including the Noida international airport, the new area will be equal to Noidaโs current developed land area, they added.
โThe 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,โ said Lokesh M.
However, the board did not address issues related to the long-delayed Sports City project. โThe issue will be looked into by the state,โ officials added.
