UP Rera Greenlights Co-Developer to Rescue Long-Delayed Shri Radha Sky Park Project
In a significant move, the Uttar Pradesh Real Estate Regulatory Authority (Rera) has granted approval for a co-developer to take over and complete the Shri Radha Sky Park project in Greater Noida. This decision brings much-needed relief to more than 2,000 homebuyers who have been waiting for their homes for over 15 years, marking a pivotal moment in one of the region's most protracted real estate sagas.
Project History and Current Status
The Shri Radha Sky Park project, with land acquired back in 2010, has seen minimal progress over the years. The original developer managed to construct only four basements out of the planned eight towers, leaving the project largely incomplete. The development comprises a total of 2,064 residential units, and with the new co-developer on board, completion is now targeted within 42 to 48 months.
Hawelia Group, the co-developer, expressed interest in the project in December 2023 under the Invest UP initiative. After receiving approval from the Greater Noida Industrial Development Authority (GNIDA) board, a joint development agreement was signed with the original developers in July 2024. On April 9, 2024, UP Rera officially extended the project's registration, paving the way for this revival.
Investment and Commitment Details
Nikhil Hawelia, Managing Director of Hawelia Group, announced that the company will invest Rs 770 crore to ensure the project's completion. "Hawelia Group is committed to delivering all 2,064 residential units within the stipulated timeline," he stated. The project spans a land parcel of 5.5 million square meters and includes eight towers, which will now be constructed as per the revised plans.
In line with UP Rera regulations, the promoter is required to deposit 70% of the amount collected from allottees into a separate account dedicated solely to this project. This measure aims to safeguard homebuyers' investments and ensure transparent fund management. The project's registration with UP Rera has been extended for six years, providing a clear framework for timely execution.
Impact on Homebuyers and Real Estate Sector
This approval is expected to rejuvenate confidence among homebuyers and stakeholders in the Greater Noida real estate market. The prolonged delay had caused significant financial and emotional distress to thousands of families, making this intervention a critical step towards resolution. The involvement of a reputable co-developer like Hawelia Group under regulatory oversight signals a positive shift towards accountability and efficiency in the sector.
As the project moves forward, authorities will monitor progress closely to ensure adherence to timelines and quality standards. This case also highlights the role of initiatives like Invest UP in attracting investment to stalled projects, potentially setting a precedent for similar revivals across Uttar Pradesh.
