The idea is deceptively simple. Instead of letting unfinished projects languish in endless disputes, the new system allows a financially strong developer to step in as a co-developer and complete what the original builder could not. In doing so, the authority ensures that homebuyers see progress, dues owed to the state begin to flow back, and land parcels return to productive use. But the pathway for entry is not casual or lenient; it has been deliberately structured to ensure that only serious players with the necessary resources come forward.
A co-developer must first address pending legal disputes associated with the project. Without clearing this clutter, approvals for fresh financing or revised plans would simply remain blocked. Alongside this, there is a financial threshold that requires payment of at least a quarter of the outstanding land dues before the new entity is even recognised.
This upfront infusion regularizes the project and signals commitment. To prevent speculative participation, the new entrant must also demonstrate not only financial strength but also the technical capability to complete construction.
Once these conditions are met, a tripartite agreement between the original builder, the co-developer and the Authority is signed, after which the co-developer is formally recognised as a promoter under RERA.
Sahil Agarwal, CEO, Nimbus Realty states, “For homebuyers, the benefit is the most visible. After years of uncertainty and shifting promises, the sight of their houses being constructed provides relief that no courtroom order could match. Instead of waiting for insolvency proceedings to crawl forward at the National Company Law Tribunal or for directions from higher courts, they now have a more direct route to possession. For the co-developer, the opportunity is equally compelling. Rather than bearing the cost of new land acquisition in a market where land values have risen sharply, they gain access to projects that are already partly constructed and often located in prime, serviced sectors like 168 in Noida. Entry costs are thus lower, but the potential returns remain significant once construction is completed and confidence returns.”
Broader Impact Across Noida–Greater Noida
The authorities stand to gain from this arrangement. By bringing in a credible partner, they not only secure a portion of the pending dues upfront, but the revival of housing schemes has a multiplier effect on the local economy, creating a ripple that extends well beyond real estate.
The Noida Authority has approved co-developer plans for Supertech Ltd to revamp four major stalled projects, affecting nearly 4,000 homebuyers. This is part of a larger resolution plan involving 16 stalled Supertech projects, impacting over 15,000 buyers.
Nimbus Projects Ltd, appointed as co-developer under the policy, is investing over INR 1,000 crore to revive the stalled Sunworld Arista project in Noida’s Sector 168. To date, Nimbus has cleared INR 80 crore in dues to the Noida Authority and plans to spend INR 20–25 crore upgrading utilities and infrastructure.
Challenges Persist
For the developers taking on such projects, balancing legacy liabilities with future profitability will require discipline and constant engagement with buyers. But despite these hurdles, the policy marks a structural shift in how housing delivery is approached. It is no longer about waiting for resolution in courtrooms; it is about enabling delivery on the ground.
The co-developer policy implementation is still in its early stages. While several applications are under review, the actual number of formally approved co-developer arrangements remains limited as the authority is carefully vetting each proposal to ensure financial viability and technical competence of the incoming partners, said Santhosh Kumar, vice chairman, ANAROCK Group.
