The Greater Noida Authority has approved co-developers for two more stalled group housing projects under the Uttar Pradesh government’s rehabilitation policy, clearing the way for their revival and taking the total number of rescued projects in the city to nine.

At its recent board meeting, the Authority gave in-principle approval to induct Birla Estates as co-developer for the stalled project of Nobal Buildtech in Sector 10, and cleared Floral Homes as co-developer for the Sector 1 housing project of Gayatri Hospitality & Realcon. SWAMIH Investment Fund has also committed Rs 300 crore for the Gayatri hospitality project, according to a Time of India report.

UP’s rehabilitation policy, rolled out on Dec 21, 2023, allows stalled housing projects to bring in financially co-developers and jointly complete construction and clear dues. Since the policy does not outline standardised conditions, the Authority sets project-specific terms based on financial viability, outstanding dues, and risk assessment.

Nobal Buildtech was allotted a 20,246 sqm plot in Sector 10 in Dec 2015.

Under the rehabilitation policy, the Authority calculated net dues of around Rs 78 crore up to Dec 2023 and issued a notice demanding 25% payment (roughly Rs 19 crore) by early 2024. The company, however, deposited only Rs 1.7 crore in small tranches despite repeated reminders. With no substantial payment forthcoming, the Authority withdrew the policy benefits and issued a recovery certificate (RC) of about Rs 120 crore through the administration on Oct 9 this year.