NOIDA: The Greater Noida Authority has facilitated the revival of two stalled group housing projects by approving co-developers in accordance with the Uttar Pradesh government’s rehabilitation policy. With these recent approvals, a total of nine stalled projects in Greater Noida can now bring on co-developers.
During a recent board meeting, the Authority granted in-principle approval for Birla Estates to join as a co-developer for Nobal Buildtech’s stalled project in Sector 10. Additionally, Floral Homes was approved as a co-developer for the housing project in Sector 1 under Gayatri Hospitality & Realcon. The SWAMIH Investment Fund has pledged ₹300 crore for the Gayatri hospitality project.
The rehabilitation policy, launched on December 21, 2023, enables stalled housing projects to engage financially stable co-developers to complete construction and resolve outstanding dues. The Authority determines specific conditions based on financial viability and risk analysis since standardized terms are not laid out in the policy.
Nobal Buildtech received a 20,246 sqm plot in Sector 10 in December 2015. The Authority assessed net dues at approximately ₹78 crore as of December 2023 and issued a notice requiring a 25% payment (about ₹19 crore) by early 2024. The company only paid ₹1.7 crore in small installments despite numerous reminders. Due to insufficient payment, the Authority revoked the policy benefits and issued a recovery certificate (RC) for around ₹120 crore through the administration on October 9 this year.
Following the issuance of the RC, Nobal Buildtech and Birla Estates jointly approached the Authority, requesting Birla’s approval as co-developer and offering to pay 25% of recalculated dues. The Authority’s finance team and chartered accountant reviewed Birla Estates’ financials, including balance sheets and liquidity measures. Officials noted that Birla Estates, part of the Aditya Birla real estate group, is financially robust, with a net worth of about ₹4,000 crore, an average annual turnover of approximately ₹700 crore, and liquidity in the vicinity of ₹150 crore. Induction of Birla Estates may enhance the prospects of project completion and dues recovery. The Authority has suggested withdrawing the RC, contingent upon a 25% deposit of the revised dues within one month; non-compliance will result in automatic cancellation of the approval.
The second project approved for revival belongs to Gayatri Hospitality & Realcon, which was allocated a 36,000 sqm plot in Sector 1 in 2011, where construction is still unfinished. The Authority calculated net dues at ₹131 crore and issued a notice in February 2024 seeking an upfront 25% payment, but the allottee failed to pay. The case proceeded to insolvency proceedings until a July NCLAT order allowed for revival.
Subsequently, the company proposed Floral Homes as a co-developer. The proposal gained traction due to support from the SWAMIH Investment Fund, which had initially granted an in-principle approval of ₹250 crore in 2022 and final approval of ₹300 crore in 2023 for construction financing through Floral Homes. By November 2025, the project’s dues under the state policy were estimated at around ₹169 crore, while additional compensation matters are still subject to a High Court stay.
