The Greater Noida Authority (GNIDA) has granted in-principle approval for the induction of co-developers to complete three group housing projects that have been delayed for over a decade, offering a potential resolution for thousands of affected homebuyers.
GNIDA approved proposals from Sobha Ltd, Opaa Realty, and Swarnim Buildhome LLP to take over stalled projects originally initiated by Atlaspur Construction and Developers, Parsvnath Developers, and Aims Golf Town Developers. These approvals mark a critical step in addressing delays caused by financial defaults, litigation, and administrative hurdles.
Atlaspur had partnered with Sobha Ltd to complete its Sector 1 project, while Parsvnath Developers proposed Opaa Realty for the Pi Sector project. Aims Golf Town Developers sought Swarnim Buildhome LLP to complete their Sector 4 township. Before placing the proposals before the board, GNIDA’s finance wing, along with an empanelled chartered accountant firm, vetted the financial and operational credentials of the co-developers.
Additional CEO Saumya Srivastava clarified that while the board granted approval, the final agreements would depend on the co-developers’ cash flow and their plan to clear outstanding dues and ensure project completion. “Joint development agreements will be mandatory, binding both the original developer and the co-developer to share financial liabilities and project responsibilities. GNIDA will coordinate with UP-RERA to grant necessary extensions and monitor compliance,” she added.
The decision brings hope to homebuyers who have faced prolonged uncertainty. In Aims Golf Town’s Sector 4 project alone, there are 1,136 buyers across five towers, with 476 units having received occupancy certificates and 173 registries executed. The remaining units remain incomplete. Parsvnath’s Pi Sector project includes 692 buyers, with four towers completed and seven pending, while Atlaspur’s Sector 1 project, still at an early stage, was stalled due to litigation and cancelled allotments.
According to Clause 9 of Uttar Pradesh’s co-developer policy, both the original developer and the co-developer will jointly clear dues and complete construction. While the policy provides flexibility in selection criteria, GNIDA relied on precedents such as Hawelia Realtors’ induction into SJP Infracon’s Sector 16B project, where Hawelia agreed to clear Rs 155 crore in dues through a joint development agreement. Similar safeguards will apply to the newly approved projects.
The Sector 1 plot, originally allotted to a consortium led by Asteroid Shelters in 2010 and later subdivided, faced partial cancellation due to unpaid dues. Atlaspur cleared 25% of the outstanding Rs 76 crore in March 2025, enabling execution of the lease deed in April. Sobha Ltd, with a declared net worth of Rs 3,379 crore and a five-year cash plan of Rs 1,504 crore, will now serve as co-developer.
Parsvnath Developers’ Pi Sector plot, initially allotted in 2006, was reinstated after the state government’s intervention following defaults. The company cleared Rs 9 crore in April 2025, with the balance due by February 2026. Opaa Realty, despite no construction revenue in FY24, pledged to finish the project by April 2027, with a net worth exceeding Rs 160 crore.
Aims Golf Town, allotted a 4 lakh sqm township plot in 2010, reduced to 1.9 lakh sqm after court interventions, proposed Swarnim Buildhome LLP—a 2023-formed entity with six partners and a net worth of Rs 74 crore—as co-developer. The induction aims to complete the remaining towers while protecting the interests of existing buyers.
This move by GNIDA reflects a structured approach to resolving long-standing project delays, balancing financial accountability with the need to deliver completed homes. For residents and investors, the approval of co-developers represents a significant step towards resolving stalled housing issues in Greater Noida.
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