Wave Infratech to pump Rs 3K cr for township in Mohali

Out of the Rs 3,000 crore, Rs 2,000 crore will be the built up cost of the township, a senior company official said.

Updated: Apr 23, 2013, 18:33 PM IST

Chandigarh: Real estate developer Wave Infratech on Tuesday said it will be pumping Rs 3,000 crore for its integrated modern township in Mohali near here.

Out of the Rs 3,000 crore, Rs 2,000 crore will be the built up cost of the township, a senior company official said.

The township spread over 300 acres of land is fast coming up in Sectors 85 and 99 in Mohali, Punjab, Wave Estates Executive Director and CEO, Deepak Sachdev told reporters in Mohali on Tuesday.

He said in the township they are offering plots, group housing, villas, floors, Shop Cum Offices, commercial plots while they would be building a hotel, mall, multiplex, primary and secondary schools, etc.

"We are offering 1100 plots. Most of them will be in the sizes 250-300 sq yards at a price of Rs 47,000 per sq yard. So far, we have got 200 bookings and by August 15 this year, we will handover the first lot of plots," he said.

He said while the entire project may take about 5-6 years to be completed, but construction of villas, floors and other facilities will be completed in half the time.

When asked that there has been a slump in the real estate market in Chandigarh region during the past few months, he said part of it is to be blamed on some run-of-the-mill developers who promise the moon to people without even having purchased the land on which they are to start the project.

"We have the ownership of the entire land on which we are developing the township. The project has been duly approved by the Punjab Government as a mega township and we have all necessary clearances including environmental.

There are other features like the township will be under full electronic surveillance for enhanced security, there will be full power backup, exclusive parking spaces for the visitors, charging points for electric cars keeping in view the future in mind," he said, adding the township falls close to main commercial areas in Mohali, including the PCA cricket stadium.

Sachdev said that the floors and villas of the township are designed by internationally renowned architectural firm, Studio DRA, UK while the landscaping will be designed by global planning experts W S Atkins.

"Plus, all built up structures in Wave Estates will be earthquake resistant and will comply with Seismic Zone IV design requirements applicable for the area," he added.