Wave group’s real estate arm, Wave Infratech, has written to the Noida Authority to surrender a large part of land which was allotted to it for Wave City Centre Project in Noida. Wave Infratech land surrender will be a huge step for the Wave Groups and may turn out in favour of the real estate firm in NCR.
Out of the 152 acres land allotted to the real estate company in sectors 25A and 32 for a mixed use project, it is now willing to surrender 110 acres of land.
According to a source, the agreement is made under the new project settlement policy (PSP) of UP government. The rate of the land at the time of allotment made to Wave was Rs.1.07 lakh meters. But now the real estate company wants to surrender the vacant land in sector 25 and has written an application regarding the same to the Noida Authority.
Initial phase of the project had an investment of Rs.4000 crore for 9.5 million square feet and it was stated to be delivered in 2016. The part of land which the real estate company wants to surrender has a value of more than Rs.10000 crore.
A high-official committee of 11 members is formed to look into this application and further verify it.
Wave Infratech has been asked to prepare a report in which it needs to clear certain information like –
- The exact size of the land they want to surrender.
- Number of buyers who have invested in the project and the amount of money invested by them.
- Existence of any third party rights in the project.
All the information will be verified thoroughly. If everything goes smoothly with the committee being satisfied, the application of land surrender by the Wave Infratech would be further passed on to the CEO for approval.
If the final step of approval is also done, this will be second time that the land is surrendered back to the Noida Authority.