FCC

Noida may allow co-developers to complete stalled projects

2023-05-12

The government of Noida and Greater Noida is putting forth a co-developer plan as a single response to two major problems: finishing up housing projects that have stalled due to a lack of funding and collecting its dues.

The rule will allow businesses, not realtors, to jointly create and complete projects, as has been the case for certain local efforts that have stalled.

However, it will be up to the new businesses to pay off the remaining land debt, which is approximately Rs 40,000 crore. Many homebuyers who have been waiting almost ten years for their residences or the registration of their flats are expected to benefit from the initiative.

According to Ritu Maheshwari, CEO of the two organisations, the builders' association, Confederation of Real Estate Developers Association of India (CREDAI), advocated the co-developer strategy in an effort to resolve the dispute over unpaid land price dues.

Maheshwari asserts that "the authorities are working on a few policies, including the co-developer policy, which would allow new developers to take over and complete commercially viable unfinished projects.

However, the new developers would have to make sure that all of the debts owed to the government were paid off first. "We might think about giving developers incentives if they promise to pay their debts on time," she continued. Because they are nearing completion, Greater Noida complexes will gain more from the scheme than Noida complexes. Keywords: Ritu Maheshwari, CREDAI, Noida authorities, stalled projects