Ghaziabad Development Body to Approve Wave City Project with Builder’s Property Mortgage

    Date:

    Share post:

    A committee headed by the chief secretary has instructed the Ghaziabad Development Authority (GDA) to greenlight the project report for Wave City, benefiting around 3,000 homebuyers, provided the Wave Group mortgages property worth approximately Rs 400 crore with the GDA.

    Wave Group’s project reports for the township off NH-9 were previously rejected by the GDA since 2021 due to the developer’s outstanding Rs 401 crore in land conversion charges, revealed by a CAG survey in 2017.

    In consideration of the homebuyers’ interests, the government committee emphasized that Wave Group must mortgage properties before the township construction proceeds, as the company informed the panel of its inability to clear the dues.

    Rajesh Kumar Singh, GDA secretary, confirmed the committee’s directive on Jan 31, prioritizing homebuyers’ interests and requiring Wave Group to mortgage properties equivalent to its dues for the DPR approval.

    Wave Group spokesperson acknowledged the matter, asserting the company’s commitment to customer interests.

    Initiated under the hi-tech township policy in 2009, the project covered 8,700 acres along NH-9 in Ghaziabad. Despite challenges, including farmers’ resistance to land acquisition, the area earmarked for Wave Group was reduced to 4,100 acres from the initial 4,400 acres.

    The company submitted a revised DPR after downsizing the area, with half of the land already developed, accommodating approximately 5,000 families. Approval for construction on the remaining land, where 3,000 buyers have invested, awaits the committee’s plan implementation, providing relief to these buyers.

    Also read: GNIDA Facilitates Registration of Over 6,500 Flats in Stalled Projects

    Related Posts

    Latest posts

    Delhi RERA chief warns real estate developers (About investors Trap)

    Real estate developers need to watch out for investors who might disrupt their finances and cause their projects...

    AIPL PRESENTS SUPERSIKH VAISAKHI 5K RUN

    AIPL (Advance India Projects Limited) presents SUPERSIKH VAISAKHI 5K RUN in partnership with the World Punjabi Organisation (WPO)...

    Ashiana Housing sold 224 flats saleable value of 440 crore in just 15 minutes at its prestigious projects Amarah

    Ashiana Housing announced that it has sold out the entire phase 3 of its prestigious project, Ashiana Amarah...

    Why Bhiwadi is Becoming a Hotspot for Real Estate Investment in India

    Bhiwadi, a lesser-known industrial town near Delhi, is quickly becoming a popular spot for real estate development, similar...