Key facts
- The revival of Noida's Sports City projects will unlock nearly 20 million sq ft of real estate.
- The Supreme Court cleared construction to restart after nearly three years of stagnation.
- At least six developers have entered joint development agreements with original allottees.
- Bhutani Group is investing over Rs 15,000 crore in a 240-acre sports-led destination.
- The resolution is expected to benefit approximately 8,000 homebuyers awaiting property registration.
- The Noida Authority will lift restrictions on the projects within 30-45 days.
The long-delayed Sports City projects in Noida are set for a revival, with the Supreme Court having cleared the path for construction to resume after nearly three years of stagnation. This development is expected to unlock approximately 20 million sq ft of real estate in the region.
At least half a dozen developers, including County Group, Gaurs Group, and Sam India, have already entered into joint development agreements with the original land allottees. Bhutani Group is spearheading a significant investment of over Rs 15,000 crore to develop a 240-acre sports-led destination in Sector 150, integrating sports infrastructure with luxury residences and recreational amenities.
Thousands of homebuyers who have been waiting for years for property registration are expected to benefit from this resolution. The Supreme Court's decision, accepting a settlement between the Noida Authority and Lotus Greens Group, includes directions for clearing arrears and adhering to strict construction timelines. The Noida Authority plans to lift restrictions on the projects at an upcoming board meeting within 30-45 days and will retain a lien on 20% of units as security.
The Sports City scheme, envisioned as a premium urban hub with extensive sports facilities, was previously impacted by a freeze imposed in 2021, affecting thousands of families and dozens of developers. The Authority's move to set specific development timelines is expected to accelerate stalled work, with 70% of the land designated for sports amenities, 28% for group housing, and 2% for commercial and institutional properties.