Washington State Investment Board Invests ₹230 Crore in Greater Noida Housing Project Revival
American pension fund WSIB invests Rs 230 crore in Hawelia Group’s revival of the stalled project in Greater Noida
The Economic TimesImage: The Economic Times
The Washington State Investment Board (WSIB) has invested ₹230 crore (approximately $27.6 million USD) in the revival of the Shree Radha Sky Garden project in Greater Noida, India. This investment aims to develop over 2,000 homes and 2.4 million square feet of residential space, marking WSIB's first foray into a stalled project.
- 01WSIB's ₹230 crore investment will revive the Shree Radha Sky Garden project.
- 02The project will deliver over 2,000 homes in Greater Noida, India.
- 03This marks WSIB's first investment in a stalled project.
- 04The project is expected to be completed within 42 to 48 months.
- 05The investment reflects a changing perception of the NCR real estate market.
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The Washington State Investment Board (WSIB) has made a significant investment of ₹230 crore (approximately $27.6 million USD) in the revival of the Shree Radha Sky Garden project, a 22-acre residential development in Greater Noida, India. This project aims to deliver over 2,000 homes and develop 2.4 million square feet of residential space, with a total estimated project cost of ₹770 crore (around $93 million USD). Nikhil Hawelia, Managing Director of Hawelia Group, emphasized that this investment showcases a changing perception of the National Capital Region (NCR) market. The project has received approval from the Uttar Pradesh Real Estate Regulatory Authority (RERA) and is expected to be completed within 42 to 48 months. The investment follows a Memorandum of Understanding (MoU) signed in 2023 with the 'Invest in UP' initiative, aimed at expediting the revival of stalled projects in the region. The Uttar Pradesh government has also approved measures to facilitate the completion of this project, which is part of a broader effort to revive over 200,000 stalled flats in Noida and Greater Noida.
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The revival of the Shree Radha Sky Garden project is expected to provide much-needed housing in Greater Noida, addressing the demand for affordable homes and boosting local employment during construction.
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