In a major development for the real estate sector, the Hawelia Group has announced an investment of ₹770 crore to revive a long-stalled housing project in Greater Noida. The project has received approval from the Uttar Pradesh Real Estate Regulatory Authority, paving the way for its completion after years of delay.
Relief for Over 2,000 Homebuyers
The stalled project, originally launched as ‘Shri Radha Sky Gardens’ by SJP Infracon, had left more than 2,000 homebuyers waiting for possession for several years. With this revival plan, a total of 2,064 residential units are expected to be completed, bringing long-awaited relief to affected families.
The project’s completion will not only unlock stuck investments but also restore confidence among buyers who had been facing uncertainty due to prolonged delays.
Investment and Completion Timeline
The developer has committed a substantial ₹770 crore investment to complete the 22-acre project. As per the plan, the construction is expected to be completed within 42 to 48 months.
The focus will be on:
- Timely delivery of homes
- Quality construction standards
- Compliance with RERA norms
This structured approach is expected to ensure that buyers finally receive possession within a defined timeline.
Regulatory and Approval Process
The revival of this project followed a detailed regulatory process involving multiple authorities. In 2023, Hawelia Group entered into an understanding with the existing promoter to take over the stalled development.
Subsequently, a Joint Development Agreement (JDA) was executed in July 2024 with the Greater Noida Industrial Development Authority, which approved the project in its board meeting.
After completing necessary compliance requirements, the Greater Noida Authority recommended the project to UP-RERA in February 2026. The final approval was granted recently, allowing the developer to proceed with the revival.
Global Investment Participation
A key highlight of this project is the involvement of the Washington State Investment Board, which has funded the development. This marks the fund’s first investment in India in a stalled housing project, indicating growing international confidence in India’s real estate recovery framework.
Impact on Real Estate Sector
This revival is expected to have a positive impact on the real estate ecosystem by:
- Addressing the issue of stalled projects
- Strengthening buyer confidence
- Encouraging responsible development practices
- Attracting global investment into Indian real estate
It also demonstrates how regulatory support under the Real Estate (Regulation and Development) Act, 2016 can facilitate the completion of delayed projects.
Conclusion
The approval granted to Hawelia Group for reviving the Greater Noida project marks a significant step toward resolving long-pending housing issues. With strong financial backing, regulatory clearance, and a defined timeline, the project is set to bring relief to thousands of homebuyers while reinforcing trust in India’s real estate sector.
