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Hawelia Group, a real estate developer based in Delhi-NCR, has approached the Uttar Pradesh government for approval to act as a co-developer to complete the stalled Shri Radha Sky Garden housing project in Greater Noida. The group plans to invest around Rs 750 crore to finalize the project, which has faced delays since its launch in 2011. The Hawelia Group has entered into an agreement with the current promoter, SJP Infracon, to undertake the completion of the 22-acre project, which comprises approximately 2,800 apartments, with about 800 already sold. The move aligns with the proposed co-developer policy by the UP state government and Noida authorities.
Nikhil Hawelia, Managing Director of the Hawelia Group, emphasized that the upcoming co-developer policy, set to begin as a pilot project, has received approval for the Shri Radha Sky Garden undertaking. The company has formally submitted the completion proposal to both the state government and the local authorities, intending to adhere to the co-developer guidelines.
To progress with the project's completion, the Hawelia Group is poised to address several financial aspects. This includes clearing outstanding land dues amounting to approximately Rs 175 crore owed to the development authorities. Additionally, they need to settle around Rs 20 crore in dues owed to vendors. Further, Rs 65 crore must be paid to financial institutions. The comprehensive financial strategy is designed to facilitate the project's revitalization and eventual successful completion.
The Shri Radha Sky Garden housing project, initiated a decade ago, has faced various challenges leading to its current stalled status. As part of the co-developer approach, the Hawelia Group seeks to bring its expertise to the table, coupled with the government's policy support, to fast-track the project's completion and deliver the remaining housing units.
The proposal for co-development comes as the UP state government and the Noida and Greater Noida authorities are exploring innovative solutions to expedite stalled real estate projects and address the concerns of both developers and homebuyers. The co-developer model is gaining traction as a collaborative effort to inject new life into projects that have faced difficulties.
Nikhil Hawelia emphasized that this initiative marks a crucial step in revitalizing the real estate sector in the region. The alignment of government policy with private sector expertise has the potential to not only complete stalled projects but also restore trust and confidence among homebuyers.
This co-development endeavor reflects Hawelia Group's commitment to addressing challenges head-on and finding viable solutions. The company's engagement as a co-developer signifies a collaborative approach that aims to bring the project to fruition and provide much-needed housing units to homebuyers who have been waiting for their homes for an extended period.
As the Shri Radha Sky Garden project receives the green light for co-development, it presents a positive case study for the potential revival of other stalled real estate ventures. This collaborative model could potentially become a template to tackle similar challenges across the real estate landscape, fostering growth, and ensuring that the interests of both developers and homebuyers are well-served.
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