Revival Plan Proposed for Stalled Real Estate Projects in Noida
Real Estate

Revival Plan Proposed for Stalled Real Estate Projects in Noida

The committee on stalled legacy real estate projects formed by the Ministry of Housing and Urban Affairs (MoHUA) in March has put forward several recommendations. These include the establishment of a "model package" for Noida and Greater Noida, the creation of a guarantee fund to facilitate financing, and the setting up of five fast-track benches of the National Company Law Tribunal (NCLT).

The committee, led by Amitabh Kant, India's Sherpa at G20 and former CEO of NITI Aayog, has already submitted its report to the Ministry, as confirmed by two MoHUA officials. Once the Ministry reviews the recommendations, they will be forwarded to states and union territories for consideration and potential implementation.

One of the key elements of the suggested "model package" for stalled projects in Noida and Greater Noida is the introduction of a "zero period" to account for disruptions caused by the Covid-19 pandemic and court orders. During this period, developers would be exempted from paying interest and penalties. The package also proposes a partial surrender policy that allows developers to relinquish a portion of the land.

Additionally, the committee has proposed the implementation of a "subsidized interest rates or guarantee scheme," akin to the one available for MSMEs, to encourage financial institutions to provide funding for stalled projects. This scheme aims to facilitate the revival of such projects in Noida and Greater Noida and can potentially be adapted by other states as well for their own stalled projects.

See also:
Govt seeks data on stalled housing projects, aims to resolve issues
Central advisory council for stalled real estate projects


The committee on stalled legacy real estate projects formed by the Ministry of Housing and Urban Affairs (MoHUA) in March has put forward several recommendations. These include the establishment of a model package for Noida and Greater Noida, the creation of a guarantee fund to facilitate financing, and the setting up of five fast-track benches of the National Company Law Tribunal (NCLT). The committee, led by Amitabh Kant, India's Sherpa at G20 and former CEO of NITI Aayog, has already submitted its report to the Ministry, as confirmed by two MoHUA officials. Once the Ministry reviews the recommendations, they will be forwarded to states and union territories for consideration and potential implementation. One of the key elements of the suggested model package for stalled projects in Noida and Greater Noida is the introduction of a zero period to account for disruptions caused by the Covid-19 pandemic and court orders. During this period, developers would be exempted from paying interest and penalties. The package also proposes a partial surrender policy that allows developers to relinquish a portion of the land. Additionally, the committee has proposed the implementation of a subsidized interest rates or guarantee scheme, akin to the one available for MSMEs, to encourage financial institutions to provide funding for stalled projects. This scheme aims to facilitate the revival of such projects in Noida and Greater Noida and can potentially be adapted by other states as well for their own stalled projects. See also: Govt seeks data on stalled housing projects, aims to resolve issuesCentral advisory council for stalled real estate projects

Related Stories

Gold Stories

Next Story
Resources

Schindler named among Forbes’ World’s Best Employers 2026

Schindler has been named among Forbes’ World’s Best Employers 2026, a global ranking recognising companies for their workplace environments.Compiled by Forbes in partnership with Statista, the ranking is based on independent employee feedback, including whether employees would recommend their organisation to friends and family.The company said the recognition reflected its focus on creating a workplace where employees can develop their expertise and build careers. ..

Next Story
Infrastructure Urban

India needs an export-execution mindset: Vishesh Jain

Interview with Vishesh Jain, Founder & CEO, EximpleWhat gaps in India’s global trade ecosystem led you to build Eximple, and what problem did you see businesses struggling with most?Eximple came out of a problem that all three founders had seen from different choke points in the trade ecosystem. India has millions of MSMEs and manufacturers, and many of them can make products that are genuinely competitive on quality. Yet only a small fraction is able to build meaningful international businesses. In our experience, the gap is usually not manufacturing capability; it is the ability to exe..

Next Story
Building Material

Nuvoco reports 13.5% revenue growth in Q2 FY27

Nuvoco Vistas Corp. Ltd. reported consolidated revenue of Rs 27.9 billion for Q2 FY27, up 13.5% year on year. Cement sales volume rose 9% to 4.7 million tonnes (MMT), while EBITDA increased 11% to Rs 4.11 billion.The company said it began its cement operations in 2014 with a 2.3 MMT per annum (MMTPA) operation at Nimbol. It now aims to reach 35 MMTPA of cement capacity by FY28, nearly 15 times its initial capacity. Its portfolio spans cement, ready-mix concrete and modern building materials.On sustainability and cost efficiency, Nuvoco partnered with CleanMax for a 46.4 MW wind-solar hybrid re..

Advertisement

Subscribe to Our Newsletter

Get daily newsletters around different themes from Construction world.

STAY CONNECTED

Advertisement

SPECIAL OFFER
QR Code