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Sikka Group has entered into a co-development agreement with Birla Estates to develop a housing project in Greater Noida, valued at nearly INR 1,600 crore. The upcoming project, planned on a 5-acre land parcel owned by Sikka Group, will see Birla Estates investing around INR 500 crore. The partnership comes at a time when the Greater Noida Development Authority has been permitting co-developers to revive delayed real estate ventures. The collaboration aims to enhance financial strength, credibility and execution capacity for the long-pending development.
Sikka Group recently announced that it had formalised a partnership with Birla Estates to co-develop a residential project in Greater Noida with an estimated gross development value of nearly INR 1,600 crore. The project is planned on a 5-acre parcel owned by the Delhi-NCR-based Sikka Group, marking a significant step for the developer, which has been working to resolve stalled assets across the region. Advertisement
The company said Birla Estates would join as a co-developer and invest close to INR 500 crore, strengthening the financial and operational framework required to advance the project. Sikka Group's Managing Director, Harvinder Singh Sikka, mentioned that Greater Noida continued to demonstrate long-term residential potential and noted that Birla Estates' involvement added credibility, financial depth and execution capability. He indicated that this partnership would support the project's progress in line with expectations set by both homebuyers and the Authority.
The move comes in the backdrop of the Greater Noida Development Authority's initiative to allow co-developers to revive stuck or delayed projects - a policy shift that has encouraged multiple developers to bring in stronger partners. Past efforts by the Authority to restart stalled developments have focused on expanding financing avenues and ensuring timely delivery, particularly in locations where buyer interest remains steady.
Source - PTI
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