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Hawelia Group has secured approval from the Uttar Pradesh Real Estate Regulatory Authority to take over and complete the stalled Shri Radha Sky Gardens project in Greater Noida. The developer plans to invest INR 770 crore to deliver 2,064 residential units across the 22-acre project, benefiting over 2,000 homebuyers affected by long delays. The project, originally developed by SJP Infracon, is expected to be completed within 42-48 months. Backed by funding from the Washington State Investment Board, the revival follows regulatory clearances, including approval from the Greater Noida Authority and execution of a joint development agreement.
Hawelia Group has received approval from the Uttar Pradesh Real Estate Regulatory Authority to take over and complete a stalled residential project in Greater Noida, with a planned investment of approximately INR 770 crore. Advertisement
The 22-acre project, known as Shri Radha Sky Gardens and originally developed by SJP Infracon, has remained incomplete for several years, affecting more than 2,000 homebuyers. Hawelia Group had entered into an arrangement with the existing promoter in 2023 to facilitate the project's completion and subsequently sought approval to become a co-promoter.
Following regulatory processes, the project has now secured clearance from the Uttar Pradesh Real Estate Regulatory Authority (UP-RERA), enabling Hawelia Group to proceed with construction. The developer has committed to completing all 2,064 residential units within a timeline of approximately 42 to 48 months.
The revival plan is supported by funding from the Washington State Investment Board, marking its first investment in India in a legacy stalled housing project. The involvement of institutional capital is expected to support the financial execution of the development and improve delivery certainty.
Prior to obtaining UP-RERA approval, the project had received consent from the Greater Noida Industrial Development Authority during its 133rd board meeting. A joint development agreement was executed in July 2024 between the authority and the involved developers, laying the groundwork for the project's revival. Subsequently, the Greater Noida Authority formally recommended the project to UP-RERA earlier this year, following compliance with regulatory requirements under the agreement.
The project's completion is expected to address long-standing delays and enable delivery of housing units to affected buyers. It also reflects ongoing efforts within the regulatory framework to facilitate the resolution of stalled residential developments through developer substitution and structured approvals.
Hawelia Group, which has developed multiple projects across Delhi-NCR, indicated that the focus will remain on timely delivery and adherence to project commitments. The revival of such stalled assets continues to be a key priority for regulators and developers, particularly in high-density markets where incomplete housing projects have impacted buyer confidence.
Source - PTI
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