Hawelia Group is ready to invest Rs. 750 crore to finish their incomplete project located in Greater Noida. The company is now waiting for the Government to pass a decision.
Hawelia Group is a renowned real estate organisation known for developing contemporary designs at extraordinary locations. The company is seeking Uttar Government’s approval to take over their incomplete project (Shri Radha Sky Garden) as a co-developer in Greater Noida.
Per the estimations, completing this project will cost approximately Rs. 750 crore. The Hawelia Group has signed an agreement with SJP Infracon for this project completion that was launched in 2011.
To complete the project, the company will have to clear approximately 175 crores in land dues to the development authorities, approximately Rs. 20 crores in vendor’s dues, and make a payment of Rs. 65 crores to the financial institutions.
According to several sources, there are nearly 2,800 incomplete flats, of which 800 are already sold. Furthermore, around 1200 flats are delivered by the existing promoter.
Managing Director of Hawelia Group, Nikhil Hawelia, said, “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 the completion of the project under the co-developer policy”.
He added, “It will be a win-win situation for all stakeholders—homebuyers, Greater Noida authority, financial institutions, vendors, existing promoters and new co-developers.”