NOIDA: Greater Noida Authority has in principle approved the incitement of co-developers to complete three group homes that have been detained for more than ten years.
During his meeting of July 28, the Greater Noida Authority Board approved proposals from Sobha Ltd, Opaa Realty and Swarnim Buildhome LLP to take over and complete the housing projects.
Officials said that Atlaspur Construction and developers tied up with Sobha LTD for his sector 1 project, Parsvnath developers presented Opaa Realty for his PI -Sector project and Aims Golf Town developers were looking for the induction of Swarnim Buildhome LLP for his municipality.
The proposals were screened by Gnida’s Finance Wing and an Empaneled Charter accountant company before they were placed for the board.
“Although the board has given approval, the final agreement depends on the cash flow of these companies and their plan to erase contribution and complete construction,” said Extra CEO Saumya Srivastava.
Civil servants emphasize that joint development agreements will be mandatory in all cases, so that both the original developer and the co-developer are binding on jointly bearing financial obligations and project managements. The authority will also ensure that the coordinates of the Uttar Pradesh Real Estate Regulatory Authority (Up-Rera) by granting the necessary extensions and monitoring compliance.
For home buyers who have been waiting for years, the decision offers a spark of hope. AIMS Golf Town’s sector 4 project Only has 1,136 buyers in five towers. Of these, 476 received flats in two towers occupation certificates and 173 registers were performed. However, work on the remaining towers remains incomplete.
The PI sector project of Parsvnath comprises 692 buyers, with four towers completed but seven others in treatment. The Sector 1 project of Atlaspur, still at an early stage, was detained because of a lawsuit and cancellation of the allocation.
Clause 9 of UP’s co-developer policy states that both the original allotee and the co-developer will jointly be responsible for deleting contribution and completing construction. However, the policy leaves room for discretion because it does not specify detailed selection criteria. Gnida relied on earlier precedents during the processing of these cases. Civil servants pointed to the example of the induction of the HaWelia Realtors in SJP Infracon’s sector 16B project, where Hawelia agreed to erase the contribution of RS 155 Crore and a joint development agreement was carried out. Similar guarantees will apply to the new approvals, whereby all correspondence to both parties is routed and no unilateral action entertained once the agreements have been signed.
The sector 1 sector 1 of 70,555 m² was assigned to a consortium led by asteroid hiding places in 2010 and later subdivided. As the part of Asteroid remained unpaid, the authority canceled its allocation in 2016. The State GOVT recovered the allocation in January 2024 with a few conditions. Atlaspur then knew 25% of the contribution (RS 76 Crore) in March 2025, after which the lease deed was carried out in April. In July, Atlaspur Sobha Ltd searched as a co-developer, who declared an RS 3,379 Crore Netto Value and a five-year Kaasplan of RS 1.504 Crore.
Parsvnath developers were assigned 35,013 m² in PI sector in 2006, but after the rights remained unpaid and deadlines, the allocation was canceled in 2022. Signed by a state -by -government in November 2023, the developer RS 9 Crore in April 2025, with the rest, knew affordable by 2026.
In July, Parsvnath Opaa presented Realty as a co-developer. Although the FY24 balance of Opaa does not show building income, it has a net value of more than RS 160 Crore and promised to complete the project by April 2027.
In the meantime, Aims Golf Town received a 4 Lakh SQM Town Township -Plot in 2010. It was reduced to 1.9 Lakh SQM after judicial orders and further subdivided. Of the five planned towers (1,136 units), two with 476 units were completed in 2021, but only 173 registers were performed. Although 301 more registers were deleted in November 2024, nobody went further. The developer has presented Swarnim Buildhome LLP in 2023 with six partners and a net value of RS 74 Crore, as a co-developer.
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