Hawelia Group seeks govt approval to complete stuck project in Gr Noida, to invest Rs 750 cr

Greater Noida

Delhi-NCR based real estate developer, the Hawelia Group, has sought the approval of the Uttar Pradesh government to take over the stalled Shri Radha Sky Garden housing project in Greater Noida as a co-developer. The company plans to complete the project, that’s estimated to cost Rs 750 crore.

The group has signed an agreement with the existing promoter of the 22-acre project, SJP Infracon, for the completion of this undertaking, that was launched in 2011. Nearly 2,800 apartments are yet to be completed — of these, around 800 have been sold. Other than this, around 1,200 flats have already been delivered by the existing promoter.

“The UP state government and the Noida and Greater Noida authorities are planning to introduce a co-developer policy. They will first do it on a pilot basis, for which the Shri Radha Sky Garden project has been approved. We have sent a proposal to the state government as well as to the authorities regarding completion of the project under the co-developer policy,” Nikhil Hawelia, MD, Hawelia Group, told Moneycontrol.

Also Read: Stuck projects: Noida, Greater Noida authorities told to prepare report on financial implications, possible approaches to address issue

He said that to complete the stuck project, the company will have to clear around Rs 175 crore in land dues to the development authorities, around Rs 20 crore in vendors’ dues, and pay Rs 65 crore to financial institutions.

SJP Infracon did not respond to the queries sent by moneycontrol.