Ghaziabad: UP Real Estate Regulatory Authority (Rera) has approved a co-developer to complete the long-stalled Shri Radha Sky Park project in Greater Noida, bringing relief to over 2,000 homebuyers stuck for over 15 years. Land for the project was acquired in 2010, but over the years, the original developer managed to construct only four basements of the total eight towers planned.The project comprises 2,064 units and is to be completed within 42 to 48 months. The co-developer, Hawelia Group, who expressed interest in Dec 2023 under the Invest UP initiative, received GNIDA board approval, and a joint development agreement was signed with both the developers in July, 2024. On April 9 this year, UP Rera officially extended the project.“Hawelia Group will invest Rs 770 crore to complete this project and aims to complete all 2,064 residential units within the stipulated timeline. The project has eight towers and is spread over a land parcel of 5.5 million sqm,” said Nikhil Hawelia, managing director.The project’s registration with UP Rera has been extended for six years. According to the terms laid down by the real estate regulatory authority, the promoter must deposit 70% of the amount realized by developers from allottees into a separate account maintained solely for the project.
