In a game-changing move for the Delhi-NCR real estate sector, Hawelia Group, a prominent Delhi-NCR-based real estate developer, has unveiled ambitious plans to rejuvenate a long-dormant housing project in Greater Noida with a whopping investment of INR 750 crore. The developer has already taken significant strides toward making this vision a reality.
The project in question, ‘Shri Radha Sky Gardens,’ had been mired in uncertainty since its launch in 2011. However, Hawelia Group, renowned for successfully completing two residential projects in Noida Extension, has partnered with the existing promoter, SJP Infracon, to breathe new life into this sprawling 22-acre development.
Key Highlights:
Government Approval in Sight: Hawelia Group has formally approached the Uttar Pradesh government, seeking approval to become a co-developer of the project. Their proposal aligns with the government’s pilot initiative to introduce a co-developer policy in the region, with the Shri Radha Sky Gardens project serving as a testbed.
Ambitious Completion Targets: Out of the approximately 2,800 apartments within the project, around 800 have already been sold, while 1,200 flats have been successfully delivered. The company aims to complete the remaining apartments, meeting the long-standing Expectations of Homebuyers.
Financial Commitment: The revival of this project comes with financial obligations, including clearing around INR 175 crore in land dues to development authorities, settling vendor dues of approximately INR 20 crore, and repaying INR 65 crore to financial institutions.
Win-Win Scenario: According to Nikhil Hawelia, MD of Hawelia Group, this endeavor promises to be a win-win situation for all stakeholders involved, including homebuyers, Greater Noida authority, financial institutions, vendors, the existing promoter, and the new co-developer. It also holds the potential to increase the average price realization of unsold flats.
The Bigger Picture:
The Hawelia Group’s move reflects the broader challenge faced by the Delhi-NCR property market, which has been marred by numerous stalled projects. With developers like Hawelia Group stepping in to fulfill these commitments, it not only benefits homebuyers but also bolsters the real estate industry and ensures that the state government doesn’t lose out on vital stamp duty revenue.
The UP state government’s pilot co-developer policy, if successfully implemented with projects like Shri Radha Sky Gardens, could provide a template for resolving the long-standing issue of stalled real estate projects in the region.
As this initiative progresses, it presents a glimmer of hope for those affected by similar situations in the Delhi-NCR property market, where stalled projects have plagued both buyers and developers alike.