Wave to invest Rs 4,000 cr to build township in Noida
The land has been registered and the company expects to get all the necessary approvals to start the development of the project within few weeks.
New Delhi: Wave Infratech, the realty arm of Ponty Chadha's Wave Group, Tuesday said it will invest Rs 4,000 crore to develop the first phase of the 152-acre township in Noida and the company does not see any impact on the project with change of government in Uttar Pradesh.
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 after outbidding Amrapali and The 3C Company.
"We are launching Wave City Centre in Noida which will be a city within a city with world-class amenities," Wave Infratech Joint Managing Director Manpreet Singh Chadha told reporters here.
When asdked whether the project would be affected after change in the political scenario in UP as the company is perceived to be close to Mayawati, Chadha said: "We have been doing business in UP from last 60 years. We do not envisage any problem".
The land has been registered and the company expects to get all the necessary approvals to start the development of the project within few weeks, he added.
On the project cost, Chadha said the company would invest Rs 4,000 crore to construct the first phase of township covering about 50 acres of land.
"We will fund this investment from internal accruals, advances from customers, debt and private equity," he added.
Giving details about the township, Chadha said the total size would be 40 million square feet, of which the company would develop 9.5 million square feet in the first phase to be delivered by 2016.
In the first phase, the company will develop 1,400 housing units with a starting price of over Rs one crore, 900 studio apartments, 370 high street shop condominiums, two hotels comprising 400 rooms, a shopping mall covering two million square feet of area and 1.8 million square feet of office area.
The entire township will have 3,000 hotel rooms in various categories and 43,000 car parking facilities.
Wave Infratech is developing other realty projects in Noida, Ghaziabad and Mohali.
Besides real estate, the Wave Group is into sugar, liquor and entertainment businesses.
The premises of Ponty Chadha were Tuesday searched by the Income Tax Department in February and at locations in Delhi in connection with alleged tax evasion.
Wave Infratech had said that widespread rumours and wrong information have been circulated to tarnish the image of the group with "malafide intention".