NOIDA: The Greater Noida Authority has granted preliminary approval to appoint co-developers for three housing projects that have been stalled for over ten years.
During their meeting on July 28, the Greater Noida Authority board endorsed proposals from Sobha Ltd, Opaa Realty, and Swarnim Buildhome LLP to take over and complete the unfinished housing projects.
Officials noted that Atlaspur Construction and Developers collaborated with Sobha Ltd for its Sector 1 project, while Parsvnath Developers suggested Opaa Realty for its Pi Sector project. Additionally, Aims Golf Town Developers requested Swarnim Buildhome LLP for its Sector 4 township.
The proposals underwent a thorough review by GNIDA’s finance department and a chartered accountant firm prior to being presented to the board.
“While the board has given its approval, the final agreements are contingent on the companies’ cash flow and their plans to settle outstanding dues and complete construction,” stated additional CEO Saumya Srivastava.
Authorities emphasized that in all instances, joint development agreements will be essential, obligating both the original and co-developer to share financial responsibilities and obligations for the project. The authority will also ensure that the Uttar Pradesh Real Estate Regulatory Authority (UP-RERA) serves as a coordinating body to grant any necessary extensions and monitor compliance.
This decision brings hope to homebuyers who have been waiting for years. For instance, Aims Golf Town’s Sector 4 project has 1,136 buyers across five towers; two towers have received occupancy certificates, and 173 registries were executed, while work on the remainder remains unfinished.
Parsvnath’s Pi Sector project includes 692 buyers, with four towers completed and seven still pending. Meanwhile, Atlaspur’s Sector 1 project is still in its initial phases, hindered by litigation and allotment cancellation.
According to Clause 9 of Uttar Pradesh’s co-developer policy, both the original allottee and the co-developer will hold joint responsibility for settling dues and completing construction. However, the policy leaves some discretion, lacking specific selection criteria. GNIDA based its decisions on prior cases, citing the example of Hawelia Realtors’ entry into SJP Infracon’s Sector 16B project, where they agreed to clear Rs 155 crore in dues and executed a joint development agreement. Similar precautions will be off in the new approvals, requiring correspondence to be routed to both parties and barring unilateral actions once agreements are signed.
The Sector 1 plot, spanning 70,555 sqm, was initially granted to a consortium led by Asteroid Shelters in 2010 and later subdivided. As dues on Asteroid’s portion were unpaid, the Authority canceled its allotment in 2016. The state government restored the allotment in January 2024 with certain stipulations. Following this, Atlaspur paid 25% of the dues (Rs 76 crore) in March 2025, leading to the execution of the lease deed in April. Subsequently, in July, Atlaspur proposed Sobha Ltd as a co-developer, who reported a net worth of Rs 3,379 crore and a five-year cash plan of Rs 1,504 crore.
Parsvnath Developers received 35,013 sqm in the Pi Sector in 2006, but due to unpaid dues and missed timelines, the allotment was canceled in 2022. Reinstated by state order in November 2023, the developer made a Rs 9 crore payment in April 2025, with the remaining amount due by February 2026.
In July, Parsvnath proposed Opaa Realty as a co-developer. Although Opaa’s FY24 balance sheet indicates no construction income, it holds a net worth of over Rs 160 crore and has committed to complete the project by April 2027.
Meanwhile, Aims Golf Town was allocated a 4 lakh sqm township area in 2010, later reduced to 1.9 lakh sqm via court orders. Of the five planned towers (1,136 units), two with 476 units received completion certificates in 2021, with only 173 registries executed. While 301 additional registries were cleared in November 2024, none have progressed further. The developer has proposed Swarnim Buildhome LLP—established in 2023 with six partners and a net worth of Rs 74 crore—as the new co-developer.
