Greater Noida: The long-stalled housing project in Greater Noida West, Shri Radha Sky Garden, will be revived after receiving final nod from Uttar Pradesh Real Estate Regulatory Authority (UPRERA), officials said.
The Havelia Group had signed a MoU with “Invest in UP” in 2023 to present a framework for the project and has proposed using ‘co-developer’ policy for the work, officials added.
The state government accepted the proposal in December 2023 to complete the project, which comprises 2,064 residential units.The Greater Noida Authority subsequently approved the project in its 133rd board meeting.
In July 2024, the authority executed a Joint Development Agreement (JDA) with both builders, paving the way for reconstruction. After completing formalities, the authority informed UPRERA through a letter in February 2026. Taking cognizance, the regulator granted its approval in its 198th board meeting in April 2026, said officials.
The Havelia Group will invest ₹770 crore to complete the project within 42 to 48 months. The U.S. pension fund (Washington State Investment Board) is funding the project, marking its first investment in a stalled project in India, said officials.
“We are committed to revive the long-stalled project, renewing hope and trust among thousands of homebuyers. Our focus is on quality execution and on-time delivery, ensuring that 2,064 families finally receive the keys to their homes,” said Nikhil Havelia, managing director, Havelia Group.
Authority additional chief executive officer Saumya Srivastava said the authority will allow co-developer to revive stuck projects. “If any developer wants to revive any stuck project by investing adequate fund, and the RERA gives permission, then we are ready to extend the help,” added Srivastava.