A New Dawn for Noida Homebuyers: Renox and Diligent Step In

Two long-delayed housing projects in Greater Noida have been revived by NCR-based developers Renox Group and Diligent Builders, offering much-needed hope to more than 200 homebuyers.

After acquiring the unfinished projects, both developers settled outstanding dues with lenders and the state’s urban development authority. This paved the way for construction to resume on over 1.5 million sq. ft. of residential space.

Renox Group Chairman Shailendra Sharma confirmed the acquisition of the stalled Nivas Promoters project, stating, "We have cleared all liabilities owed to financial institutions, the development authority, and former allottees. Buyers who were stuck for nearly 12 years have now been given relief."

Renox plans to invest ₹300 crore into developing a 3.3-acre parcel, constructing approximately 924,000 sq. ft. across four towers, comprising 400 housing units. Some earlier buyers, who had paid only 10–20% of the total cost, have been fully refunded.

In the project taken over by Diligent Builders, 60 out of 120 original homebuyers chose to retain their units, while the rest opted for refunds. The project revival was supported by a shift in company leadership and favorable government policy changes, particularly those driven by the Amitabh Kant Committee, which played a key role in ensuring project completion.

In a separate development, Nimbus Projects has announced a ₹1,000 crore investment to revive another stalled project in Noida. Currently, around 36 real estate projects in Uttar Pradesh are undergoing insolvency proceedings. These recent moves mark a renewed push to resolve long-standing delays in the NCR real estate sector and deliver long-promised homes to affected buyers.

News by Rahul Yelligetti.