Hawelia Group to Revive Stalled Greater Noida Project

• Rs 770 crore investment to restart stalled 22-acre project
• Over 2,000 homebuyers to benefit after years of delay
• Project completion targeted within 42–48 months

Greater Noida: Hawelia Group has received approval from UP-RERA to revive the long-stalled residential project Shri Radha Sky Gardens in Greater Noida. The company has committed an investment of Rs 770 crore to complete the project, which has been delayed for several years.

The development marks a significant step toward resolving one of the many stuck housing projects in the NCR region. Spread across 22 acres, the project includes 2,064 residential units, and its revival is expected to directly benefit more than 2,000 families who have been waiting for possession.

The approval from UP-RERA came after a series of regulatory and administrative clearances. The Greater Noida Industrial Development Authority had already approved the revival plan in its 133rd board meeting. Following this, a Joint Development Agreement (JDA) was signed in July 2024 between the authority, the original developer SJP Infracon, and Hawelia Group, enabling the formal takeover and execution roadmap.

With compliance requirements fulfilled under the JDA framework, the Greater Noida Authority formally recommended the project to UP-RERA earlier this year. The regulator subsequently granted its nod during its 198th board meeting, clearing the final hurdle for construction to resume.

Hawelia Group had initially entered into an understanding with the existing promoter in 2023, expressing interest in completing the project as a co-promoter. The latest approval now allows the company to fully proceed with construction and delivery.

According to the developer, the entire project is expected to be completed within a timeline of 42 to 48 months, subject to execution schedules and regulatory processes. The company has stated that its focus will be on quality construction, transparency, and timely delivery to restore buyer confidence.

Adding further credibility to the revival plan, the project has also received backing from the Washington State Investment Board, marking its first investment in India in a legacy stalled housing project. This international funding support reflects growing investor interest in India’s stressed real estate assets, particularly those with clear revival frameworks.

Speaking on the development, Nikhil Hawelia, Managing Director of Hawelia Group, emphasized that the move reflects the company’s commitment to ethical real estate practices. He noted that reviving stuck projects not only restores buyer trust but also contributes to stabilizing the broader housing market.

The NCR region, especially Greater Noida, has witnessed several stalled projects over the past decade due to financial stress, regulatory hurdles, and developer defaults. However, recent policy interventions by authorities and active participation from credible developers are gradually unlocking these projects.

For homebuyers, this revival brings renewed hope after years of uncertainty. With a defined investment plan, regulatory approvals, and a clear completion timeline, the Shri Radha Sky Gardens project is now positioned for a structured comeback.

Industry experts believe that such revival models where financially stable developers step in with regulatory backing could become a blueprint for resolving other stalled projects across India.

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