This intervention study explored the development of self-regulated learning skills in virtual university students, focusing specifically on an online collaborative group project with a wiki. Participants of the study were male and female students (n=28) on a Master of Business Management (MBA) Programme of the university. Students participated in an online collaborative group project though wiki for 10 weeks during one semester. Students' self-regulated learning (SRL) skills were assessed through MSLQ (Motivated Strategies for Learning Questionnaire), developed by Pintrich, Smith, Garcia, & McKeachie (1993). MSLQ was utilised as pre- and post-test, to measure changes in SRL skills of the students, before and after working in online group project. For the analysis of quantitative data, paired sample t-test was calculated. Results showed that students scored high on post-test as compared to pre-test, specifically difference was significant (t= -5.253, p=0.00) for the 'resource management strategies' with a large effect (0.71), and for the 'metacognitive self-regulation' (t= -1.90, p=0.02) component with a medium effect size (0.34) which indicated that the SRL skills were developed among students during participation in online group project. It suggested that online collaboration with peers can enhance students' SRL skills and make them independent learners in an online learning environment.