New Delhi: Construction major Larsen & Tourbo (L&T) has bagged a Rs 900 crore contract from Wave Group's realty arm Wave Infratech to build residential towers in Noida.
Wave Infratech is developing a mixed-use project 'Wave City Center' spread across 152 acres, which the company had bagged through an auction for about Rs 6,500 crore.
The total size of the township is 40 million sq ft and of that 9.5 million sq ft will be constructed in the first phase.
Sources said that Wave Infratech has awarded a contract, valued at over Rs 900 crore, to L&T for construction of residential towers at Wave City Center for the first phase of the project.
L&T will soon start construction of the first phase that is slated for delivery by 2016, they added.
Wave Group spokesperson declined to comment.
Recently, Wave Infratech gave a construction contract of Rs 282 crore to BE Billimoria & Co for commercial tower of Wave City Center.
In the first phase, Wave would develop 1,400 flats, 900 studio apartments, 370 high street shop condominiums, two hotels comprising 400 rooms, a shopping mall having two million sq ft and 1.8 million sq ft of office space.
Wave Infratech is developing other realty projects in Noida, Ghaziabad and Mohali. Wave Group is also engaged in sugar, liquor and entertainment businesses.