Executives from Hawelia Group and WSIB discuss plans for a stalled housing project in Greater Noida, India.
American pension fund Washington State Investment Board (WSIB) has invested Rs 230 crore (approximately $27.6 million) in Hawelia Group to revive a stalled housing project in Greater Noida, India. This investment marks WSIB’s first foray into reviving stalled projects in the region.
The investment aims to complete a decade-old legacy project and deliver over 2,000 homes. The Uttar Pradesh government facilitated the project’s revival, indicating governmental support for resolving stalled real estate developments.
The deal reflects a growing trend of institutional investors targeting distressed real estate assets in India, seeking opportunities to unlock value through project completion and improved market conditions. The investment signals confidence in the Indian real estate market’s potential, particularly in the affordable housing segment.
Hawelia Group’s successful attraction of foreign investment underscores the increasing attractiveness of Indian real estate to global capital, driven by policy reforms and improving transparency in the sector.
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