NEW DELHI: Hawelia Group announced on Sunday that it will invest ₹770 crore to revive a 22-acre housing project in Greater Noida, following approval from the Uttar Pradesh Real Estate Regulatory Authority (UP-RERA).
The company’s involvement will help over 2000 homebuyers who have been waiting for years to see their investments realized.
In 2023, the Delhi-NCR-based firm reached an agreement with SJP Infracon, the previous promoter of the stalled ‘Shri Radha Sky Gardens’ project, to ensure its completion.
The firm sought governmental approval to act as a co-promoter in this delayed development.
In its statement, Hawelia Group mentioned that it has secured the green light from UP-RERA.
“We will invest ₹770 crore to ensure the project’s completion and plan to finalize all 2,064 residential units within the projected timeline,” the company stated.
The anticipated completion timeframe for the project is between 42 and 48 months.
This initiative has also received backing from the American Pension Fund (Washington State Investment Board), marking its first investment in India for a legacy stalled project.
Nikhil Hawelia, Managing Director of Hawelia Group, commented, “This demonstrates our dedication to ethical practices and our commitment to revitalizing long-delayed projects, providing new hope and confidence to thousands of homebuyers. Our priority is on quality execution and timely delivery, ensuring that 2,064 families can finally receive their keys.”
Hawelia Group has successfully completed numerous real estate projects in the Delhi-NCR region.
The group elaborated that the Greater Noida Industrial Development Authority approved the project during its 133rd board meeting, and a Joint Development Agreement (JDA) was signed in July 2024, facilitating the project’s reconstruction and revival.
With all necessary compliance adhered to 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, according to the statement.
