Greater Noida Authority Approves Co-Developers to Revive Three Long-Stalled Housing Projects

The Greater Noida Authority (GNIDA) has taken a significant step towards resolving one of the region’s most persistent real estate challenges by approving the induction of co-developers to complete three stalled group housing projects that have been delayed for over a decade. This move brings renewed hope for thousands of homebuyers who have been waiting for possession due to prolonged construction delays.

At a board meeting held on July 28, 2025, GNIDA gave in-principle approval to notable co-developers including Sobha Ltd, Opaa Realty, and Swarnim Buildhome LLP. These well-established companies will partner with the original developers—Atlaspur Construction and Developers, Parsvnath Developers, and Aims Golf Town Developers—to revive their respective projects in Sector 1, Pi Sector, and Sector 4 townships.

These approvals come after rigorous financial and operational vetting by GNIDA’s finance wing and an empaneled chartered accountant firm. The authority stressed that all parties will enter into joint development agreements, ensuring shared financial liabilities and project completion responsibilities. Coordination with the Uttar Pradesh Real Estate Regulatory Authority (UP-RERA) will provide necessary extensions and regulatory oversight to safeguard the interests of homebuyers.

Sobha Ltd, with a strong financial background and substantial cash flow plans, will co-develop the Sector 1 project. Opaa Realty and Swarnim Buildhome LLP will similarly take over the Pi Sector and Sector 4 projects, respectively. This structured approach aims to resolve stalled construction issues that have affected thousands, offering them a path to ownership and delivery after years of uncertainty.

This development by Greater Noida Authority highlights a proactive model for tackling stalled housing projects by bringing in credible co-developers to ensure timely completion while protecting homebuyers' rights.

Source : Times of India