Setback for Ponty Chadha's Noida project as SC issues notice to UP govt
New Delhi: The Supreme Court on Monday issued notice to the UP government on a petition challenging the allotment of land to Ponty Chadha’s realty project in Noida.
The petition, filed by 94 farmers, had accused the Uttar Pradesh government for misusing its powers by acquiring land from them in 1976.
The petitioners' plea was earlier rejected by Allahabad High Court on October 21, 2011.
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.
Noida Authority had approved Wave Infratech, the realty arm of Ponty Chadha's Wave Group master plan for its ambitious Rs 10,000 crore integrated township 'Wave City Centre' at Noida.
The first phase, with an investment of about Rs 4,000 crore, is slated to be delivered by 2016.
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.
Wave Infratech is developing other realty projects in Noida, Ghaziabad and Mohali. Wave Group is also engaged in sugar, liquor and entertainment businesses.
With PTI Inputs