Sikka Karnam Greens: Noida Authority Clears Stalled Sector 143B Project

In a significant relief for hundreds of homebuyers, the Noida Authority has cleared the way for the long-stalled Sikka Karnam Greens project in Sector 143B to move forward again. After the company initiated the process of mortgaging 111 unsold units worth ₹252 crore as security to clear its dues, the Authority has given in-principle approval for the project to avail benefits under its rehabilitation policy. Officials have said the builder must now complete certain procedural steps for the relief to become fully effective. To make the relief effective, the builder will have to withdraw its pending amendment petition from the state government.

The approval comes under a specific mechanism designed to unlock legacy delays across Noida. The approval granted under the Authority's Legacy Stalled Project Policy serves as a precedent for other projects aiming to move forward in the interest of homebuyers despite challenges, and the policy allows developers to pay 25% of total dues immediately and the remaining 75% over two years. The scale of the project underlines why this clearance matters to so many families. Spread across about 9 acres, the Karnam Greens project comprises 1,351 units, of which 749 have already been completed. The project had already received partial occupancy certificates for three towers earlier, but due to financial hurdles, the project came to a standstill.

Following this in-principle nod, work on the pending towers is expected to pick up pace. Following the approval, the remaining construction work is expected to gain momentum. Sikka Group has publicly reaffirmed its commitment to buyers who have waited years for possession. Sikka Group stated that it remains fully committed to completing all its projects on time and maintaining the trust of its homebuyers.

This development did not happen in isolation. Just weeks after the Noida Authority's approval, Sikka Group announced a major new partnership that signals renewed confidence in the developer's ability to deliver. Birla Estates, a wholly owned subsidiary of Aditya Birla Real Estate Limited, tied up with Sikka Group to develop a housing project worth Rs 1,600 crore in Greater Noida, with Birla Estates joining as co-developer and investing Rs 500 crore on a 5-acre land parcel owned by Sikka Group. The tie-up is a separate project from Karnam Greens, but the timing and choice of partner reflect the broader revival wave that Sector 143B's clearance is part of.

Sikka Group's leadership has been vocal about what this partnership means for the region. "Greater Noida remains a market with long-term residential potential. Birla Estates brings credibility, financial depth and execution capability. With them on board, we are confident of moving this project forward in line with the timelines and standards expected by both homebuyers and the Authority," said Harvinder Singh Sikka, managing director of Sikka Group. The arrangement leans on a newer policy framework that lets financially strong partners step in where original developers have struggled. Under the co-development policy, the new developer can take over stalled legacy projects and raise debt for financial closure of delayed projects based on its own net worth and credit rating.

For existing and prospective Karnam Greens buyers, the immediate takeaway is practical: the project has an active RERA registration and the resumption of stalled construction now has a formal payment roadmap. Homebuyers currently residing in or evaluating this ready-to-move community can look to the completed towers, functioning amenities, and confirmed civic connectivity in Sector 143B as reassurance while the remaining units near completion. The broader Noida-Greater Noida market has seen similar relief measures work in tandem with reputed co-developers entering as financial anchors, a trend that experts see as central to resolving years of buyer distress across the NCR belt.

The episode also highlights how established, well-capitalised names are increasingly stepping into projects left incomplete by financially stressed developers. The tie-up is expected to add execution strength and financial stability to the project for Sikka Group, while for Birla Estates, this deal continues its approach of partnering with land-owning developers in markets where stalled developments are being revived through regulatory support. For homebuyers tracking Sector 143B and the wider Noida Expressway corridor, this signals a more structured, monitored path to completion rather than an open-ended wait.