Wave Infratech, the realty arm of Ponty Chadha's Wave Group, today said that Noida Authority has approved the master plan for its ambitious Rs 10,000 crore integrated township 'Wave City Centre' at Noida. While launching the first phase of 152-acre town ship in March, the company had said that it does not see any impact on the project with change of government in Uttar Pradesh.
The integrated mixed-use project would be developed on the land the company had won last year through an auction for about Rs 6,500 crore, outbidding Amrapali and The 3C Company.
In a statement, Wave Infratech said that Noida Authority has approved the master plan of Wave City Center and the project is in full swing "with an initial investment of Rs 10,000 crore including land".
When contacted, company's Executive Director (Sales & Marketing) Rakesh Jain said the company has got the master plan approved and it is awaiting sanction of building plans after which actual construction would start. The first phase, with an investment of about Rs 4,000 crore, is slated to be delivered by 2016, it added. The total size of the township is 40 million sq ft and out of that 9.5 million sq ft would be constructed in first phase. Wave would develop 1,400 housing units with a starting price of over Rs 1 crore, 900 studio flats, 370 high street shop condominiums, two hotels comprising 400 rooms, a shopping mall having two million square feet of area and 1.8 million square feet of office in the first phase. "Our project is in full swing. Wave City Center will be delivered in its scheduled time, by 2016. At every step we remain committed to the development of the state, our investors and the customers," Wave Infratech Joint Managing Director Manpreet Singh Chadha said. Wave Infratech is developing other realty projects in Noida, Ghaziabad and Mohali. Wave Group is also engaged in sugar, liquor and entertainment businesses.