Novel in genuine renovation (7)
I believe the answer is:
renewal
'renovation' is the definition.
(I've seen this before)
'novel in genuine' is the wordplay.
'novel' becomes 'new' (similar in meaning).
'in' is an insertion indicator.
'genuine' becomes 'real' (similar in meaning).
'new' inserted into 'real' is 'RENEWAL'.
(Other definitions for renewal that I've seen before include "Process of renovation" , "modernisation?" , "Rehabilitation" , "what happens in a library" , "Replenishment" .)