+
Noida may allow co-developers to complete stalled projects
Real Estate

Noida may allow co-developers to complete stalled projects

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

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

Related Stories

Gold Stories

Next Story
Infrastructure Urban

NABARD Holds Seminar on Vigilance, Integrity and Good Governance

National Bank for Agriculture and Rural Development (NABARD) organised a seminar on “Vigilance: Strengthening Integrity and Good Governance” on 25 August 2026 at its Head Office in Mumbai as part of the ongoing Vigilance Awareness Campaign 2026 being observed from 17 August to 16 November 2026, with the theme “Probity for Prosperity."" The seminar was graced by Suresh N Patel, Former Central Vigilance Commissioner, Government of India, as the chief guest and keynote speaker.  The programme was attended by G S Rawat, Deputy Managing Director, Dr Ajay K Sood, Deputy Managing Dire..

Next Story
Equipment

XCMG Unveils World's First 14,000-Ton Ring Crane for Heavy Lifting

XCMG has announced that the first main unit of the world's first 14,000-ton ring crane has rolled off the production line, marking a historic breakthrough in ultra-heavy lifting technology. Jointly developed by XCMG and Sinopec Heavy Lifting & Transportation Co., Ltd., the crane will be the largest-capacity ring crane ever built, setting a new benchmark for major construction projects worldwide.The crane features a modular configuration comprising two main units that work in tandem. The first main unit has completed final assembly and can independently perform lifting operations. Once both..

Next Story
Infrastructure Urban

Thriveni Logistics orders 200 tip trailers from Jagdamba trailers

Jagdamba Trailers (JTPL), one of India’s growing trailer manufacturers, has secured a significant order for 200 Tip Trailers from Thriveni Transport and Logistics Pvt. Ltd., a leading mining and logistics company serving operations across India and overseas.The order, placed for iron ore transportation, is a major milestone for JTPL, particularly as the company secured the business after competing with more than 10 established trailer manufacturers. It also strengthens an already successful relationship between the two companies. Approximately one and a half years ago, Thriveni Transport and..

Advertisement

Subscribe to Our Newsletter

Get daily newsletters around different themes from Construction world.

STAY CONNECTED

Advertisement

SPECIAL OFFER
QR Code