Wave Infratech, the realty arm of Ponty Chadha’s Wave Group, today said that Noida Authority has approved the master plan for its ambitious integrated township ‘Wave City Centre’ at Noida. In a statement, Wave Infratech said that Noida Authority has approved the master plan of Wave City Center and the project is in full swing “with an initial investment of Rs 10,000 crore including land”.
This land was won by Wave Infratech, owned by Ponty Chadha during the Mayawati regime. The Uttar Pradesh administration under the SP government had initially raised objections to this project. Wave Infratech will now invest Rs 10,000 crore in developing Phase I by 2016.
While launching the first phase of 152-acre township in March, the company had said that it 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, outbidding Amrapali and The 3C Company.
Wave Infratech is developing other realty projects in Noida, Ghaziabad and Mohali. Wave Group is also engaged in sugar, liquor and entertainment businesses. Wave City Center will be delivered in its scheduled time, by 2016. At every step we remain committed to the development of the state, our investors and the customers.”