As part of a pilot initiative, the government initiated a pilot project wherein the Hawelia Group, a real estate developer, has taken control of a 22-acre partially completed undertaking known as Shree Radha Sky Garden in Greater Noida.
In this setup, the newly appointed developer will assume the responsibility of finalising the construction of more than 2,000 flats.
The developer is committed to settling outstanding dues of ₹175 crore with the Greater Noida authority, along with approximately ₹63 crore in construction finance and ₹20 crore owed to vendors, among other financial obligations. It is projected that an additional investment of ₹450 crore will be required from the company to successfully conclude the project.
“We had proposed to overtake four projects, of which the state government asked us to do a pilot on one project. With the co-development policy, the new developer will be able to raise funds from the market, which was not possible in the management model,” said Nikhil Hawelia, MD, Hawelia Group.
