Birla Estates and Sikka Group Join Forces to Develop ₹1,600 Crore Housing Project in Greater Noida
Birla Estates, a wholly owned subsidiary of Aditya Birla Real Estate Limited, has entered into a strategic partnership with the Sikka Group, a prominent developer in the National Capital Region (NCR), to co-develop a housing project worth ₹1,600 crore in Greater Noida. This collaboration marks a significant step towards revitalizing the real estate market in the region and bringing high-quality residential solutions to homebuyers.
The project will be developed on a 5-acre land parcel owned by the Sikka Group. Birla Estates will join as a co-developer, investing ₹500 crore into the project. This investment underscores Birla Estates' commitment to leveraging its financial strength and development expertise to deliver a premium residential experience in Greater Noida.
The project will be developed as group housing, catering to the growing demand for well-planned and sustainable living spaces. The firm is currently finalizing the configuration, pricing, and launch timelines to ensure that the project meets the expectations of both homebuyers and regulatory authorities.
The co-development policy, which supports stalled real estate projects, plays a crucial role in this partnership. Under this policy, new developers can take over legacy projects and raise debt for financial closure based on their own net worth and credit rating. This policy aims to provide a clear and structured pathway for developers to complete delayed projects, thereby addressing the concerns of homebuyers and financial institutions.
The collaboration between Birla Estates and Sikka Group aligns with recent policy measures by the Greater Noida Authority to unlock long-delayed housing projects. These measures include interest waivers and staggered payments, contingent on the involvement of financially sound partners who can ensure the timely completion of construction and the clearance of outstanding dues.
Harvinder Singh Sikka, Managing Director of Sikka Group, expressed confidence in the partnership. “Greater Noida remains a market with long-term residential potential. Birla Estates brings credibility, financial depth, and execution capability. With them on board, we are confident of moving this project forward in line with the timelines and standards expected by both homebuyers and the Authority,” he said.
The policy backdrop driving such collaborations is the legacy real estate revival policy instituted recently. This policy offers incentives such as interest waivers and staggered payments to developers who bring in financially sound partners to complete construction and clear outstanding dues. Last month, Sikka Group received in-principle approval from the Noida Authority for restoration of benefits under the stalled project policy for its project in Sector 143B, Sikka Karnam Greens. The Authority had earlier revoked all benefits granted to Sikka Group under the stalled project policy and issued a recovery certificate to recover dues worth around ₹252 crore.
This partnership between Birla Estates and Sikka Group is a testament to the resilience and adaptability of the real estate sector in Greater Noida. It highlights the importance of collaboration and policy support in addressing the challenges of stalled projects and ensuring the delivery of high-quality residential developments.
