On Sunday, Hawelia Group announced its plan to invest Rs 770 crore to finalize a 22-acre housing project in Greater Noida that had been stalled, having received approval from the Uttar Pradesh Real Estate Regulatory Authority. The acquisition of this halted project by Hawelia Group will provide assistance to over 2000 homebuyers whose investments have been frozen for several years.
Based in Delhi-NCR, Hawelia Group had reached an agreement in 2023 with the current promoter of the stalled project, SJP Infracon’s ‘Shri Radha Sky Gardens’, to ensure the project’s completion. The company sought permission from the Uttar Pradesh government to act as a co-promoter for this delayed project.
In a statement, Hawelia Group confirmed that it has obtained the necessary approval from UP-RERA to proceed with the project. “Hawelia Group will invest Rs 770 crore to finalize this project and aims to complete all 2,064 residential units within the designated timeline,” the company stated. The completion of the project is anticipated within a timeframe of 42 to 48 months. The American Pension Fund (Washington State Investment Board) has provided funding for this project, marking their inaugural investment in India for a legacy stalled project.
Nikhil Hawelia, Managing Director of Hawelia Group, remarked, “This demonstrates our commitment to ethical practices and our determination to revive long-stalled projects, thereby instilling renewed hope and confidence in thousands of homebuyers. Our emphasis remains on quality execution and timely delivery, ensuring that 2,064 families ultimately receive the keys to their homes.” Hawelia Group has successfully developed numerous real estate projects in the Delhi-NCR region.
Further detailing, the Hawelia Group noted that the Greater Noida Industrial Development Authority approved the project during its 133rd board meeting, and in July 2024, a Joint Development Agreement (JDA) was signed by the authority with both developers, thus facilitating the reconstruction and revival of the project.
With all necessary compliance established as per the JDA, the Greater Noida Authority formally communicated with UP RERA in February 2026.Recently, UP RERA granted its approval in its 198th board meeting, the statement said.
