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The Greater Noida development authority recently approved co-developers to finish three long-delayed group housing projects. Sobha Ltd., Opaa Realty, and Swarnim Buildhome LLP will take over projects originally managed by Atlaspur Construction, Parsvnath Developers, and Aims Golf Town Developers, respectively. These proposals were carefully reviewed by the authority's finance team and a chartered accountant firm. Final approval will depend on each co-developer's funding plan, ability to clear pending dues, and readiness to complete construction.
The development authority in Greater Noida granted approval this week for co-developers to step in and complete three housing projects that have been stalled for over ten years. These projects include a Sector 1 development originally by Atlaspur Construction, now tied with Sobha Ltd; a Pi Sector project from Parsvnath Developers, proposed to be completed by Opaa Realty; and a township in Sector 4 by Aims Golf Town Developers, now under Swarnim Buildhome LLP. Advertisement
Before clearance, each proposal was checked by the authority's finance division and an empanelled chartered accountant firm. The board then gave its approval after the review. An official explained that this is an in-principle approval and the final agreements will only move ahead if the co-developers show they have enough funds, can clear dues, and complete construction.
The plan requires joint development agreements between the original builders and the new partners. Both parties will be responsible for financial and construction obligations. The authority will also work with UP-RERA to grant project extensions and monitor compliance.
In Sector 4, the township has five towers with 1,136 buyers. Two towers with 476 flats already have occupancy certificates and 173 flats have been registered, but the rest remain incomplete. In the Pi Sector project, there are 692 buyers. Four towers are ready, while seven are still pending. The Sector 1 project has been facing issues since its allotment was cancelled in 2016 and was restored last year.
For the Sector 1 project, Atlaspur cleared 25 percent of dues, about INR 76 crore, earlier this year. Sobha Ltd joined as co-developer in July. Sobha has a declared net worth of INR 3,379 crore and a five-year plan showing INR 1,504 crore available in cash.
The Pi Sector project was cancelled in 2022 but restored in 2023. Parsvnath Developers paid INR 9 crore this year, and the remaining dues must be cleared by early 2026. Opaa Realty was proposed in July and has a net worth above INR 160 crore, though its recent balance sheet shows no construction income. The company has committed to completing the project by mid-2027.
The Sector 4 township was first allotted in 2010 for 400,000 square metres, later reduced to 190,000 square metres. Only two of the towers have completion certificates. Registrations for 301 flats were completed last year, but other towers are still pending. Swarnim Buildhome LLP, which was set up in 2023 and has a net worth of INR 74 crore, has been chosen as co-developer.
The authority's co-developer policy makes both the original and new developers equally responsible for project dues and completion. A similar approach earlier worked in the case of Hawelia Realtors, which stepped in for SJP Infracon's stalled project in Sector 16B and cleared INR 155 crore dues before completing the project.
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