American pension fund WSIB invests Rs 230 crore in Hawelia Group’s revival of the stalled project in Greater Noida

American pension fund Washington State Investment Board (WSIB) has invested Rs 230 crore in Hawelia Group’s revival of the stalled 22-acre Shree Radha Sky Garden project in Greater Noida, where over 2,000 homes will be delivered following RERA approval.

The investment will help in the development of 2.4 million sq. ft. of residential space, with an estimated Rs 770 crore.

The Washington State Investment Board is globally recognised for its stringent investment criteria, particularly in emerging markets. This will be its first investment in a stalled project.


"We are doing the pilot for the revival of this decade-old legacy stalled project. The entry of a global institution like WSIB into a stalled project in Greater Noida West is a testament to the changing perception of the NCR market,” said Nikhil Hawelia, MD of Hawelia Group.

WSIB manages investments for 17 public employee retirement plans and other public funds in the United States.

Hawelia Group executed a Memorandum of Understanding (MoU) with “Invest in UP” in 2023, presenting a concrete framework for resolving the stalled project.

In the MoU, Hawelia Group proposed the implementation of a ‘Co-Developer Policy’ to regional authorities and the government of Uttar Pradesh to expedite and revive the long-stalled projects. The state government, in December 2023, issued orders to facilitate the completion of this 2,064-unit project located in Greater Noida West.

As per the state government’s directions, the Greater Noida Industrial Development Authority, in its 133rd board meeting, approved the project. In July 2024, a Joint Development Agreement (JDA) was executed by the Authority with both developers, paving the way for the project’s reconstruction and revival.

With all required compliance in place as per the JDA, the Greater Noida Authority formally wrote to UP RERA in February 2026 and was granted approval in its 198th board meeting.

The project is expected to be completed in 42 to 48 months' time.

The UP cabinet had approved the recommendations of a committee chaired by former NITI Aayog chairman and India’s G20 Sherpa Amitabh Kant, which was expected to infuse new life into more than 200,000 stalled flats in Noida, Greater Noida, and the Yamuna Expressway region, said property developers and industry experts.