UPRERA Approves Revival of Delayed Greater Noida West Project, Benefiting Over 2,000 Homebuyers

Uttar Pradesh Real Estate Regulatory Authority Approves Revival of Stalled Housing Project

The Uttar Pradesh Real Estate Regulatory Authority (UPRERA) has given the green light to the revival of the long-stalled "Shri Radha Sky Park" housing project in Greater Noida West. This development is expected to pave the way for construction to resume on the 2,064-unit project.

The approval was granted following a proposal submitted by the Greater Noida Industrial Development Authority (GNIDA) earlier this year. GNIDA had met the compliance requirements under a joint development framework, which was a key factor in securing the approval. The project, which had been stalled for several years, is being revived through a joint development agreement (JDA) executed in July 2024 between GNIDA and the developers, including Hawelia Group.

The revival of the project is part of a broader push by the Uttar Pradesh government to resolve delayed housing projects through policy interventions. In 2023, Hawelia Group signed a memorandum of understanding with "Invest in UP" proposing a co-developer model aimed at expediting completion of stuck projects. The state government subsequently issued orders in December 2023 to facilitate the revival of the project under its "co-developers' policy".

Read also: Treasury Yields Experience Largest Increase in Two Weeks Following Release of Labor Market Data

Under the revival plan, Hawelia Group would invest around Rs 770 crore to complete the project. The targeted delivery timeline is between 42 to 48 months. The project has also received funding from the America Pension Fund (Washington State Investment Board), marking its first investment in India in a legacy-stalled housing project.

The revival is part of ongoing efforts by state authorities to address delays in residential developments and provide relief to homebuyers awaiting possession.