Noida’s Urban Renaissance: A New Dawn for Prime Real Estate

A Bold Step Toward Urban Renewal

Noida is on the cusp of a transformative era. Inspired by the successful redevelopment model pioneered in Mumbai, the Noida Authority has approved a new policy that promises to revitalize the city’s prime areas by replacing old, dilapidated EWS (Economically Weaker Section) flats with modern, spacious apartments. This visionary move is set to unlock vast tracts of valuable urban land, inject fresh energy into the real estate sector, and fulfill the dreams of thousands of homebuyers in Uttar Pradesh’s fastest-growing city.

The Mumbai Model Comes to Noida

Under the new policy, developers will be entrusted with demolishing outdated buildings and constructing new, larger homes for original allottees. In return, they will be permitted to sell additional units made possible by the increased Floor Area Ratio (FAR)—now raised from 1.5 to 3.5. “We have identified 4-5 buildings in a dilapidated state. RFPs will be floated for each structure separately,” explained a Noida Authority official. This approach not only ensures that existing residents are provided with upgraded living spaces but also paves the way for the creation of vibrant, modern communities in the heart of the city.

A Win-Win for Developers and Homebuyers

The policy’s twin focus—on improving living conditions for original allottees and generating commercial opportunities for developers—reflects a nuanced understanding of urban growth. “While the policy is a much-needed step toward opening up the prime land bank in the city centre, every project will come with its own challenges. The project must be commercially viable, as buyer preferences have evolved in recent times,” said Nikhil Hawelia, MD of Hawelia Group and Secretary of CREDAI (Western UP).

Unlocking Potential in Thriving Sectors

Sectors 27, 93, and 93A stand to benefit immensely from this initiative. “The Noida Authority’s decision can fulfill the dream of owning a home in these thriving sectors,” noted Yash Miglani, MD of Migsun Group. “Allotment of higher FAR and engaging co-developers in stalled projects will address the long-pending demand of stuck homebuyers and unlock immense potential for modern, vertical living spaces.”

Addressing Stalled Projects and Homebuyer Aspirations

The Noida Authority has also approved the introduction of co-developers in five stalled projects, a move expected to benefit over 5,000 customers awaiting possession of their homes. This is a critical step toward resolving the crisis of delayed projects, which has left 190,000 units—worth ₹1 lakh crore—stuck in Noida, Greater Noida, and Ghaziabad. In Greater Noida alone, at least 36 real estate projects are undergoing insolvency proceedings. The new policy empowers co-developers to step in, clear dues, and ensure project completion, offering much-needed relief to homebuyers and restoring confidence in the market.

A Progressive Vision for Urban Living

“The step marks a progressive move toward urban revitalization as it unlocks significant real estate potential, especially in the heart of the city,” said Salil Kumar, Director, Marketing and Business Management, CRC Group. “Redevelopment of old, dilapidated buildings with higher FAR, while improving existing structures and providing better facilities, will also generate more homeownership opportunities.”

As Noida embarks on this ambitious journey, it is setting a new standard for urban renewal—one that balances the needs of residents, developers, and the broader community, and positions the city as a beacon of inclusive, sustainable growth.