Dedicated locality research platform
Enter your email address and you will receive
a link to reset your password
In a move aimed at addressing long-standing issues, Noida and Greater Noida authorities are deliberating over a co-developer policy. The policy is intended to tackle two main challenges - the completion of suspended housing projects due to funding shortfalls and the recovery of authorities' pending dues.
The co-developer policy would allow companies to invest in and conclude these projects, bypassing the need for independent co-developing arrangements, which have often led to stalled projects in the past. However, the new firms stepping in will be tasked with the hefty responsibility of clearing close to INR 40,000 crore in land dues.
This proposed policy is expected to provide relief to countless homebuyers who have been waiting for the completion and registration of their homes for approximately a decade.
Ritu Maheshwari, CEO of both authorities, shared that the co-developer policy was suggested by the Confederation of Real Estate Developers Association of India (CREDAI) as a solution to the deadlock over land premium dues. Maheshwari added that the authorities may offer incentives to developers willing to prioritize clearing the dues.
Greater Noida projects are likely to benefit more from this policy compared to their Noida counterparts, given their proximity to completion. A similar policy was introduced in 2017, but it did not gain traction due to land dues-related complications.
Gaurav Gupta, Secretary of CREDAI (NCR), has urged the state government to introduce revised policies, allowing co-developers to complete stalled projects and rationalizing the land dues. Gupta emphasised the need for authorities to provide the necessary approvals in a timely manner to assist new developers in meeting project deadlines.
Currently, builders owe over INR 39,500 crore to the authorities, with most projects launched around a decade ago remaining unfinished. While the practice of engaging new developers to finish stalled projects is not new, Gupta underscored that the current situation calls for a policy to complete these delayed projects.
To recover its dues, the authorities have initiated sealing and cancelling unsold inventories. However, this has proven ineffective due to the creation of third-party rights in most cases. In response, the authorities proposed a rescheduling policy earlier this year that allows builders to settle dues in four instalments over two years.
In conclusion, the proposed co-developer policy represents a critical step towards resolving the long-standing issues of uncompleted housing projects and unpaid dues in Noida and Greater Noida. While challenges remain, including the rationalization of land dues and securing timely approvals, the move holds promise for countless homebuyers awaiting the completion and registration of their homes.
Propscience is India’s dedicated property news portal. We cover the latest events, news, trends, deals, new launches and more.
All our services and tools are completely free of cost and available 24X7!
We use cookies to give you the best possible service while using our website, please click accept and carry on browsing if you're happy with this. For more information see our Privacy Policy.
Okay, Got it!This disclaimer ("Disclaimer") is applicable to the entire Site. Upon entering the Site it is recommended that you immediately read the Terms and Conditions and Privacy Policy listed therein. Your continued usage of this Site will indicate your unconditional acceptance of the said Terms and Conditions and Privacy Policy. You hereby agree that Propscience reserves the right to modify at any time, the Terms and Conditions and Privacy Policy governing this Site without prior notification. Your usage of the Site implies that you will be bound by any such modification. You agree and acknowledge that it is your responsibility to periodically visit the Site and stay updated with the Terms and Conditions and Privacy Policy of the Website.
The information contained in this Site has been provided by Propscience for information purposes only. This information does not constitute legal, professional or commercial advice. Communication, content and material within the Site may include photographs and conceptual representations of projects under development. All computer-generated images shown on the Site are only indicative of actual designs and are sourced from third party sites.
The information on this Site may contain certain technical inaccuracies and typographical errors. Any errors or omissions brought to the attention of Propscience will be corrected as soon as possible. The content of this Site is being constantly modified to meet the terms, stipulations and recommendations of the Real Estate Regulation Act, 2016 ("RERA") and rules made thereunder and may vary from the content available as of date. All content may be updated from time to time and may at times be out of date. Propscience accepts no responsibility for keeping the information in this website up to date or any liability whatsoever for any failure to do so.
While every care has been taken to ensure that the content is useful, reliable and accurate, all content and information on the Site is provided on an "as is" and "as available" basis. Propscience does not accept any responsibility or liability with regard to the content, accuracy, legality and reliability of the information provided herein, or, for any loss or damage caused arising directly or indirectly in connection with reliance on the use of such information. No information given under this Site creates a warranty or expands the scope of any warranty that cannot be disclaimed under applicable law.
This Site provides links to other websites owned by third parties. Any reference or mention to third party websites, projects or services is for purely informational purposes only. This information does not constitute either an endorsement or a recommendation. Propscience accepts no responsibility for the content, reliability and information provided on these third-party websites. Propscience will not be held liable for any personal information of data collected by these third parties or for any virus or destructive properties that may be present on these third-party sites.
Your use of the Site is solely at your own risk. You agree and acknowledge that you are solely responsible for any action you take based upon this content and that Propscience is not liable for the same. All details regarding a project/property provided on this Site are updated on the basis of information available from the respective developers/owners/promoters. All such information will not be construed as an advertisement. To find out more about a project / development, please register/contact us to visit the site you are interested in. All decisions taken by you in this regard will be taken independently and Propscience will not be liable for any such loss in connection with the same. This Site is for guidance only. Your use of this Site - including any suggestions set out in the Site and or any use of the resources available on this Site, do not create any professional - client relationship between you and Propscience. Propscience cannot accept you as a client until certain formalities and requirements are met.
We use cookies to give you the best possible service while using our website, please accept it and continue browsing if you're happy with this. For more information see our Privacy Policy