Hawelia Group Receives Approval to Complete Stalled Greater Noida Housing Project

Hawelia Group has received approval to complete a delayed residential project in Greater Noida, involving an estimated investment of ₹770 crore, as per The PTI report. The project spans 22 acres and consists of 2,064 housing units.  

Construction had remained incomplete for several years before the current arrangement was put in place. 

Regulatory and Administrative Steps 

Clearance has been granted by the Uttar Pradesh Real Estate Regulatory Authority following a formal process. The Greater Noida Industrial Development Authority had earlier approved the proposal in its 133rd board meeting.  

A Joint Development Agreement between the authority and the developers was executed in July 2024. Subsequent compliance led to a reference being made to the regulator in February 2026. 

Background of the Stalled Project 

The development was originally undertaken by SJP Infracon under the name ‘Shri Radha Sky Gardens’. Construction activity had slowed and eventually halted, leaving units incomplete.  

In 2023, Hawelia Group entered into an agreement with the existing promoter to facilitate completion and assume a co-promoter role. 

Funding Structure 

Financial support for the project has been provided by the Washington State Investment Board. This is the fund’s first investment in India tied to a stalled residential development. Such funding arrangements are being used in similar cases to address liquidity constraints in delayed projects. 

Homebuyer Exposure 

More than 2,000 homebuyers are associated with the project. Their investments have remained tied up due to construction delays. Completion of the remaining units is expected to address pending deliveries, subject to execution timelines. 

Read More: SEBI Reaffirms Commitment to Global Capital at India–US Investment Dialogue! 

Conclusion 

With approvals in place and funding secured, the project has moved into the construction phase. Delivery will depend on adherence to timelines over the next 42 to 48 months. 

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