Noida and Greater Noida development authorities officials are contemplating to bring in co-developer policy to get the stalled projects due to shortage of funds completed. To this extent, they have decided to allow companies in the stalled projects. Under the system, new companies would have to bring funds into the projects and complete them. Once this co-developer policy comes into effect, the new entities will have to pay land dues of around Rs.40,000 crore. This is going to benefit lakhs of home buyers who have been waiting for completion of their homes over a decade. The Noida and Greater Noida Development Authority CEO Ritu Maheshwari revealed that the CREDAI has proposed a co-developer policy. However, the authority officials maintain that they are working on some policies including the co-developer policy. Priority will be given to those who can pay the dues. However, the co-developer policy was originally introduced in 2017. But, it failed at that time due to mounting arrears of land cost dues. In this backdrop, the rules regarding clearing the arrears of land cost dues have been simplified and co-developer policy has been introduced.
