Whalesbook
WSIB Invests ₹230 Crore in Stalled Project
The Washington State Investment Board (WSIB), a major US pension fund, has invested ₹230 crore in Hawelia Group's Shree Radha Sky Garden project. This marks WSIB's first global investment into a stalled project, signaling a strong endorsement of the National Capital Region's real estate market and its improving regulatory framework.
Nikhil Hawelia, MD of Hawelia Group, said the investment shows how perceptions of the NCR market are changing. He noted the firm is piloting the revival of this decade-old project, which had been stalled for years. The investment will support the development of 2.4 million square feet of residential space.
Revival Follows Structured Regulatory Path
The project's revival followed a structured path. Hawelia Group signed a Memorandum of Understanding (MoU) with 'Invest in UP' in 2023, setting the stage for resolution. The group's proposed 'Co-Developer Policy' was key to securing state government backing. In December 2023, the Uttar Pradesh government ordered efforts to expedite completion of the 2,064-unit project in Greater Noida West.
The Greater Noida Industrial Development Authority formally approved the project. A Joint Development Agreement (JDA) was signed with developers in July 2024. Approvals from UP RERA followed in February 2026, clearing regulatory hurdles. The project is now expected to be completed within 42 to 48 months.
Addressing Stalled Housing in the NCR
This initiative supports wider efforts to tackle the issue of stalled housing projects in the NCR. The Uttar Pradesh cabinet previously backed recommendations from a committee, led by former NITI Aayog chairman Amitabh Kant, aimed at revitalizing over 200,000 stalled flats across Noida, Greater Noida, and the Yamuna Expressway region. WSIB's investment suggests these revival mechanisms are increasingly appealing to international investors.