SC Orders Revival Fund, Strengthened RERA Powers For Distressed Real Estate Projects In Noida, Greater Noida

To provide homes and ownership rights to residents across Noida and Greater Noida, the Supreme Court has issued directives to the Central Government. With an aim to provide additional financial assistance for distressed projects, the Supreme Court has called for the establishment of a Revival Fund (punaruddhar kosh).

Along with this, it has also given the UP government six months to prepare an SOP to enhance the powers of the Real Estate Regulatory Authority (RERA), which was established to resolve disputes between builders and buyers. 

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Following this order, NEFOWA, an organisation representing buyers, has expressed hope for relief for homebuyers. The organisation has suggested that the Central and State Governments should carefully formulate a plan on how to distinguish between profiteers and genuine homebuyers. 

In Noida and Greater Noida, approximately 60,000 buyers across 140 projects are awaiting property registration, with around 1,00,000 people waiting for their homes. NEFOWA member, Abishek Kumar, stated that while the Supreme Court's new order has raised hopes for relief, it remains to be seen what action plan the Central and State Governments will prepare in response. 

Since the establishment of RERA, many buyers have received compensation from builders for delayed deliveries, yet a significant number of investors remain without possession. Under existing guidelines, builders are required to provide RERA with detailed information on project progress, and penalties for delays are transferred to affected investors. Despite this, several projects continue to stall, leaving buyers in uncertainty.

The Amitabh Kant Committee report, released nearly two years ago, required builders to deposit 25 per cent of outstanding dues before registrations could proceed. Of the approximately 90 builders in Greater Noida, 22 failed to comply, with five approaching the Supreme Court.

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Similarly, under the Noida Authority, only 23 out of 57 builders have deposited the required dues. Investors in the remaining projects are still awaiting delivery, feeling increasingly frustrated.

The coming months will be crucial in determining how authorities implement the Revival Fund and enhance RERA’s powers to protect buyers, resolve pending cases, and restore confidence in the real estate sector.