Delhi-NCR headquartered real estate developer, Hawelia Group, has formally requested the Uttar Pradesh government’s sanction to serve as a co-developer for the stagnant Shri Radha Sky Garden housing project in Greater Noida. The strategic move aims to breathe life into the project, projected to cost INR 750 crore. The development aligns with the emerging co-developer policy introduced by the UP state government and Noida and Greater Noida authorities.
The sprawling 22-acre project, initiated by SJP Infracon in 2011, had encountered roadblocks, leaving around 2,800 apartments incomplete. Among these, approximately 800 units have already found buyers. Meanwhile, the existing developer has handed over approximately 1,200 flats.
Nikhil Hawelia, the Managing Director of Hawelia Group, emphasized the pivotal role of the co-developer policy in reinvigorating the real estate landscape. “The UP state government and Noida and Greater Noida authorities are pioneering a pilot co-developer policy, with the Shri Radha Sky Garden project emerging as a prime contender,” Hawelia shared. He elaborated that the Hawelia Group has entered into an agreement with SJP Infracon to shoulder the responsibility of project completion.
Revitalizing the project hinges on Hawelia Group’s commitment to resolving pending financial commitments. The company is prepared to settle outstanding land dues of approximately INR 175 crore with the development authorities. Additionally, about INR 20 crore in dues owed to vendors will be cleared, accompanied by a payment of INR 65 crore to financial institutions.
This stride by Hawelia Group underscores the strengthening collaboration between private developers and governmental bodies, aiming to expedite real estate progress and fulfill long-awaited projects. The proposed effort harmonizes seamlessly with the overarching vision of the Uttar Pradesh government and regional authorities to foster cooperative development.