GDA to Approve Wave City Project Report if Realtor Mortgages 400cr Property
The Ghaziabad Development Authority (GDA) has been asked by a high-powered committee, headed by the chief secretary, to approve the project report for Wave City. This move comes as a relief for around 3,000 homebuyers who have been eagerly waiting for the allotment of their houses. However, there is a condition attached to this approval – Wave Group, the developer, will have to mortgage land and other property worth around Rs 400 crore with the GDA. Multiple project reports submitted by Wave for the township off NH-9 have been rejected by the GDA since 2021, primarily because the developer owed Rs 401 crore as land conversion charges. The matter came to light in 2017 through a CAG survey, which raised objections regarding Wave Group’s pending dues and the subsequent loss to the state exchequer. To prioritize the interests of the homebuyers, the government committee has directed the GDA to allow construction in the township only after Wave Group mortgages the properties to clear their dues. This decision was made after the company informed the panel that they did not have the immediate funds to settle the outstanding amount. Rajesh Kumar Singh, the GDA secretary, confirmed the committee’s order and stated that for the revised Detailed Project Report (DPR) to be approved, Wave Group needs to mortgage both movable and immovable properties equivalent to the owed amount. Singh further added that the GDA board is expected to approve the revised DPR in the next meeting. In response to these developments, a spokesperson for Wave Group reassured that they are committed to the interests of their customers and are aware of the situation. The Wave City project falls under the state government’s hi-tech township policy, where 8,700 acres of land were notified across 18 villages along NH-9 in Ghaziabad in 2009. Licenses were given to Wave Group and Suncity to develop the township with a plan to construct 2 lakh dwelling units. However, due to various reasons including farmers’ reluctance to part with their land, a portion of the earmarked land could not be acquired. Eventually, the area allocated to Wave Group was reduced to 4,100 acres from the originally planned 4,400 acres. The spokesperson for Wave Group mentioned that a revised DPR was submitted after the downsizing of the earmarked area. Currently, half of the land has already been developed, housing approximately 5,000 families. The approval for construction on the remaining land is crucial as around 3,000 homebuyers have invested in this project. If the plan proposed by the high-powered committee is enacted, these buyers can see their long-awaited relief becoming a reality.
Conclusion
The approval of the project report for Wave City by the Ghaziabad Development Authority is dependent upon the developer mortgaging land and other property worth Rs 400 crore. This decision comes in the interest of the homebuyers who have been eagerly waiting for the allocation of their houses. With the revised Detailed Project Report expected to be approved soon, the completion of Wave City will bring relief to thousands of homebuyers and propel the real estate growth in Ghaziabad.
