The long-awaited revival of the Sports City projects in Noida is set to unlock nearly 20 million sq ft of real estate in the area. Following a Supreme Court ruling in March, construction can now resume after nearly three years of inactivity.
At least six developers have already signed joint development agreements with the original allottees.
Sports City projects were conceived in four different locations across Noida. One parcel, spanning Sectors 78, 79, and 101, was given to Three C, while another in Sector 150 was allotted to the Lotus Greens Group.
Logix Infra Developers also received a plot in Sector 150, and ATS Homes was allocated land in Sector 152. Other developers, including County Group, Gaurs Group, and Sam India, are also entering the fray。
“We have secured two land parcels within Sports City and plan to initiate development soon. The clarity provided by the Noida Authority regarding the future of Sports City has opened up prime opportunities,” shared Sachin Garg from Sam India.
Bhutani Group is also devising a 240-acre sports-focused destination within Sector 150 of Noida.
With an investment exceeding Rs 15,000 crore dedicated to sports infrastructure, luxury sports and wellness residences, recreational facilities, landscaping, and supporting ecosystem infrastructure, Bhutani Group is actively seeking partnerships with renowned developers and domain specialists from across India.
“Thousands of homebuyers are relieved by the advancements made in resolving the prolonged disputes surrounding Noida’s Sports City projects. The conclusion of lingering litigation reflects the UP government’s commitment to efficiently implement frameworks that facilitate business and support the real estate sector,” commented Dinesh Gupta, president of CREDAI Western UP.
This decision will positively impact nearly 8,000 buyers waiting for property registrations and around 10,000 additional buyers and investors as well.
The Sports City initiative stands as one of Noida’s grandest endeavors, designed to blend sports infrastructure with residential development.
A freeze placed in 2021 affected numerous families, a multitude of developers, and around 60 projects. The Authority’s new mandate to set defined timelines for the development of sports amenities and the completion of residential projects is set to expedite previously stalled work.
In Sector 150, the Supreme Court has authorized the commencement of a project wherein the original allottee sub-leased land to 24 developers. Approximately 18,000 units are part of this 300-acre development. Similar resolutions have been approached for other Sports City projects in Sectors 150 and 78–79.
The Supreme Court accepted a settlement between the Noida Authority and the Lotus Greens Group, which was initially allotted the project, issuing directions that facilitate the next phase of the project.
During the court proceedings, the Solicitor General informed that the Noida Authority would revoke the restrictions on these projects in an upcoming board meeting occurring in 30 to 45 days.
Lotus Greens has committed to settling all outstanding dues and adhering to a stringent construction timeline, which the court has approved as part of its interim order.
Lotus Greens Group is now forming joint development agreements with other developers to ensure both project completion and dues payment to the Authority.
Sports City is envisioned as a premium urban hub that will feature a variety of sports infrastructures, such as a stadium, athletic track, swimming arena, and dedicated grounds for cricket and football.
The Noida Authority plans to retain a lien on 20% of the units as a security measure, while penalties for delays from March 2020 to March 2022 will be waived.
Builders will only be able to obtain occupancy certificates after full payment and project completion.
Developers are seeking clarification from the Noida Authority after restrictions on buying and selling plots in five designated Sports Cities were implemented.
According to the initial plan, 70% of the total land was designated for the development of sports amenities, 28% for residential buildings, and 2% for commercial and institutional properties.
