In a major relief for over 400 homebuyers of the stalled Sunworld Arista project in Noida’s Sector 168, real estate firm Nimbus Projects Ltd, appointed as co-developer, has committed to investing over ₹1,000 crore to complete the project. The company has already deposited ₹80 crore in pending dues with the Noida Authority.
Nimbus said it will deliver the remaining apartments within three years, bringing an end to the long wait of buyers who were left in limbo after the original developer, Sunworld Residency Pvt Ltd, failed to clear dues to the bank and the Noida Authority. In the first phase, Nimbus plans to clear land cost dues, repay bank loans, and complete pending infrastructure. This will enable around 400 homebuyers, who received occupancy certificates in 2019, to finally register their flats.
“As part of our obligations under the Uttar Pradesh government’s co-developer policy, we are committed to paying ₹170 crore in dues owed by the original developer to the Noida Authority. This step is crucial to enable registries and restore confidence among distressed homebuyers,” said Bipin Agarwal, director, Nimbus Projects Ltd.
The project, spread over 10 acres, was allotted in 2010-11, with deliveries originally promised in 2014. Nimbus was formally appointed co-developer in September last year under the UP government’s stalled projects relief scheme, after Sunworld opted into the policy.
Key features of the co-developer policy
Designed to address legacy projects stuck due to financial distress, technical issues, or loss of trust in the original developer, the policy allows a financially sound and credible co-developer to step in, take control, and complete the project. The co-developer is expected to conduct due diligence, assess project viability, and work with the original developer to submit a joint proposal to the Noida Authority.
A key feature of the policy is that once a co-developer pays 25% of the pending land dues, say, ₹37.5 crore on ₹150 crore total, the project is regularised. The remaining dues can be cleared in a staggered manner. Upon this payment, RERA permits formal recognition of the co-developer as a promoter through a tripartite agreement, allowing them to revalidate building plans, seek project extensions, and access bank financing.
“This framework ensures that stalled projects are revived, homebuyers finally get their homes, and the authority recovers its dues,” said a real estate expert.
The policy also appeals to developers from a commercial standpoint. Many evaluate projects based on available unutilised Floor Space Index (FSI), or virgin FSI, which can be monetised after completing the stalled portion. The presence of a viable FSI often influences a co-developer’s decision to invest, say experts.
Nimbus will invest over ₹1,000 crore to complete the project and has already cleared ₹80 crore in pending dues to the Noida Authority. The company will complete and register homes for 400 buyers who had received occupancy certificates in 2019 but were unable to register their properties due to pending land dues. Nimbus has also launched Phase 2 of the project, which will feature 342 ultra-luxury apartments priced between ₹4-8 crore, with rates ranging from ₹16,000 to ₹18,000 per sq ft.
“This is a critical step in restoring buyer confidence and reviving a long-stalled project,” said Bipin Agarwal, director, Nimbus Projects Ltd.
According to Venket Rao of IntygratLaw, Noida’s policy reflects recommendations of the Amitabh Kant committee, which proposed market-based solutions for stalled projects nationwide. Unlike the Supreme Court-directed Amrapali-NBCC model, which used a public-sector entity in a custodial role, Noida’s model encourages private developers with commercial motivation to lead the revival process.
“Compared to slow and uncertain outcomes through NCLT, the co-developer policy offers a quicker, market-aligned resolution, delivering results in months rather than years,” Rao said.
Other cases of co-developers joining the fray to complete projects
The Noida Authority board recently approved a co-developer proposal for Supertech Limited’s stalled housing projects, paving the way for completion of delayed housing projects in the city. The move comes after the realty firm Apex came forward to infuse funds and deliver the stalled housing projects of the Supertech Limited in Noida and other cities including Greater Noida, Yamuna City and others. The Apex’s proposal is under consideration in the Supreme Court that is likely to hear the Supertech case on August 13, 2025.
Noida’s co-developer policy offers lifeline for stalled projects, relief for homebuyers
The Noida Authority’s co-developer policy is emerging as a practical solution to revive stalled housing projects and bring long-overdue relief to thousands of homebuyers awaiting possession. According to real estate experts, the policy provides a faster, more efficient alternative to lengthy legal battles in the NCLT or Supreme Court.
“The UP-government’s co-developer policy is a timely and necessary intervention that addresses the persistent problem of stalled real estate projects with clarity and purpose. It offers a structured pathway for financially sound developers to take over long-delayed housing projects and bring them to completion,” said Ravi Nirwal, Sales Director and Principal Partner, Square Yards.
Also Read: 5 things homebuyers should know about UP govt’s nod to Amitabh Kant panel’s proposals
“One of the policy’s greatest strengths lies in its balanced benefits. The authorities recover outstanding dues, credible developers gain access to well-located projects with existing infrastructure without high entry costs, and most importantly, homebuyers finally see a clear route to receiving possession of their homes. This is a vital step toward restoring confidence in the Noida and Greater Noida real estate markets. With effective implementation, the policy has the potential to turn abandoned structures into vibrant communities and bring long-overdue relief to families who have waited far too long,” he said.
