The Greater Noida Authority has granted in-principle approval for the appointment of co-developers for two long-stalled group housing projects in Sector-10 and Sector-1.

This decision is part of the Uttar Pradesh government's 2023 policy aimed at reviving legacy real estate projects. With these new approvals, nine stalled projects in Greater Noida will now have co-developers to resume construction. The policy offers interest waivers on dues if developers pay 25 percent upfront, with the remaining 75 percent to be paid within three years. 

Birla Estates has been approved as the co-developer for the Nobal Buildtech project in Sector-10, and Floral Homes has been selected for the Gayatri Hospitality & Realcon project in Sector-1. The latter project also benefits from Rs 300 crore funding from the SWAMIH Fund. The move is expected to bring much-needed relief to homebuyers and boost the local real estate sector.