Surrender Of Large Chunk Of Land By Wave Infratech In NOIDA

Real estate giant wave Infratech has expressed its interest into surrender 110 acres of land in sector 25A and 32 in NOIDA. The company has put it in black and white to Noida Authority that it wants to surrender 110 acres of the allotted 152 acres near spice Mall, Noida to build a mixed land use project.

The Wave City centre project in Noida was allotted in March 2011 and was valued at Rs.6,500 Crore at the time of its launch. Land area totaling to 152 acre was allotted to Wave Infratech at the rate of Rs. 1.07 lakhs/ sq. mt.

According to NOIDA authorities, Wave Infra tech has submitted its application under the UP government’s new Project Settlement Policy (PSP).The company plans to retain a portion of land in sector 32, where it has constructed City Central Mall.

The company has invested about Rs 4,000 crore for developing approximately 9.5 million square feet, and the same was expected to be delivered by 2016. The remaining parcel of land to be surrendered and the current market value of this parcel is approx. Rs.10,000 crore.

Deepak Agarwal, CEO, NOIDA authority confirmed that they have received an application from Wave Infratech and the same is being processed. According to him an 11 member committee been formed to look into the details, and verify the data submitted.

He also added that "Noida Authority has asked the company to submit detailed project report informing the specific size of the land that they want to return, reasons for returning, no of buyers have invested in the project and the amount they have invested etc. The company was also asked to brief on whether there are any third party rights created in the project, etc. All these points are being verified."

On completion of the due process, the committee would submit the surrender application to CEO for further approval, and the final decision will be taken once the committee and CEO is satisfied with the responses provided by Wave Infratech, he added.

If this surrender is approved this will be the second largest surrender deal after BPTP surrender in March 2009. AS BPTP was unable to make payment in its Rs.5,600 crore land deal in Sector 94 Noida, it had submitted an application and the same was also accepted by NOIDA Authority.

According to NOIDA authorities 20 such real estate developers has submitted applications for surrender under PSP for various projects and few are under process.

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