Real estate projects stopped in Noida will start again, Authority brought new co-development policy
The Noida Authority (Noida Authority) has announced a plan to launch a co-daily policy to help resume all stalled residential projects in Noida, adjacent to Delhi. If this policy is implemented, then thousands of home buyers can provide relief for a long time who are waiting for the occupation of their homes. According to the news of Hindustan Times, Noida Authority says under this policy that if the developers pay at least 25 percent of the total arrears to the authority, then permission can be given to start work on the stalled project.
A big change can bring a co-development policy
According to the news, experts believe that the proposed policy can bring a major change to the NCR Real Estate Market, which will deal with two major challenges – incomplete projects and troubled buyers. For home buyers hanging in the balance over the years, this policy offers a sharp and more practical option rather than long legal proceedings through NCLT or Supreme Court. Reliable, delivery-centered developers have the ability to take steps and complete incomplete projects, to speed up construction and finally bring buyers closer to possession, which many have been waiting for more than a decade.
Approval of proposal for this projects
Experts say that many applications are being reviewed. The Noida Authority Board recently approved the co-development proposal for the halted residential projects of Supertech Limited, which opened the way to complete the late residential projects in the city. The move has been taken by realty firm Apex after completing the stalled project of Supertech Limited in Noida and Greater Noida, Yamuna City and other cities to come forward to complete and invest money.
According to the news of Hindustan Times, the CEO of Noida Authority says that if the co-development will pay 25% of the total outstanding amount, then we will let them work. Our aim is that the Noida Authority should get its land cost arrears and those who buy the house should get their flat. In October 2024, the Authority Board included two co-deciduals to resume construction on two stalled housing projects by SunWold Residency Private Limited in Sector 168 and in Sector 115 as part of the co-development policy announced in December 2023.
What is a co-development policy?
Noida Authority’s co-development policy is targeted on projects that remain incomplete due to financial crisis, technical challenges or losing the credibility of the original developer in the market. Realizing the need to unlock the price in these stuck projects, the government has now allowed the co-developmental to start and complete the project in collaboration with someone with financial strength, technical expertise and market reputation.
Under the policy, the Co-Developer works appropriately to assess the feasibility of the stopped project, including the limit of land dues to the authority. If considered possible, the co-development partnership with the original developer to handle the project. One of the main incentives is that the project is regularized once the co-development pays 25% of the arrears. The remaining amount can be paid in stages.
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