- By Shubham Bajpai
- Mon, 23 Jun 2025 05:21 PM (IST)
- Source:JND
Noida Stalled Housing Projects Update: In a major relief for thousands of homebuyers, the Noida Authority has announced the introduction of the co-developer policy to restart the long-stalled housing project, as per a report by Hindustan Times. Once introduced, the policy will help in providing homes to buyers who have been awaiting possession for a long time.
The implementation of the co-developer policy is currently in the nascent stage and remains limited as the authority is carefully vetting the proposals before moving on with approval. The most recent approval to real estate company Apex was given for Supertech Limited’s stalled housing projects.
Apex will infuse funds to complete the stalled Supertech projects in Noida, Greater Noida and other cities. Apex's proposal is currently in the top court, which is likely to hear the case in August.
What is co-developers policy?
The reality firms interested to apply in co-developer policy will conduct a due diligence of the stalled projects to assess their viability. If everything seems fine, the co-developer would partner with the original developer to complete the project.
They would approach the authority with a proposal and if approved, the co-developer would pay 25 per cent of the total dues.
HT quoted Noida Authority CEO Lokesh M saying, "If the co-developer will pay 25% of the 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."
Once payment is made, the rest 75 per cent can be paid in a staggered manner. The RERA would formally recognise the co-developer as a promoter following a tripartite agreement.
Apart from Apex pitching in for Supertech projects, Gulshan Group has expressed interest in becoming a co-developer for Ajnara Ambrosia (Sector 118).
How homebuyers would be affected?
The policy addressing stalled projects and the needs of the homebuyers would emerge as a game-changer. The policy will provide the best alternative to lengthy legal proceedings through the NCLT or the Supreme Court to those who are stuck for years after making initial payments but not getting possession.
The policy has come up as a pragmatic way for homebuyers to get their homes. The co-developer policy provides assurance to them. However, the number of projects getting approval under the co-developer policy would depend on the interest expressed by realtors, viability of the project for the firms, and their eligibility criteria