Wave Group Sells Land to Boost Cash Flow
Realty developer Wave Group has announced its decision to sell part of its land bank in Wave City, Ghaziabad. The move aims to improve the company’s cash flow and involves selling land to at least six other real estate developers. Talks have also been initiated with additional developers for potential land sales. Together, these developers are expected to develop approximately 12 million square feet in the next few years, further expanding the realty landscape in the area.
Rise in Demand for Premium Apartments
Rajiv Gupta, Managing Director of Wave City, stated that the demand for premium apartments within the township has experienced a significant surge in the past year. As a result, the price of secondary market apartments has increased by almost 30% in this period. Taking note of this rising demand trend, Wave Group itself is planning to launch a new project within the township.
New Residential Developments in Wave City
Wave Group’s plan includes the launch of approximately seven million square feet of new residential projects in both premium and affordable categories. Additionally, another prominent player, Gaurs Group, has recently unveiled a luxury residential complex spanning three million square feet within Wave City. The project comprises 1,216 flats, all of which have already been sold for a total value of Rs 3,100 crore.
The attractiveness of Wave City lies in its relatively lower base price for premium residential projects, especially when compared to nearby areas like Noida and Gurgaon. In Noida and Gurgaon, the base prices for premium residential projects exceed Rs 15,000 and Rs 20,000 per square foot, respectively. In comparison, the price per square foot in Wave City remains below Rs 9,000. This affordability factor, combined with the township’s proximity to NH-24 and its expansive 4,200-acre area, make it an appealing investment for buyers.
A Sustainable and Green Township
One-third of the 4,200-acre Wave City has been designated for green areas and infrastructure development, setting it apart as a sustainable and environmentally conscious township. This approach further adds to the appeal for potential homebuyers and builders.
The dilution of Wave Group’s land bank and the subsequent sale to multiple real estate developers serve not only to address the cash flow requirements of the company but also contribute to the overall development and growth of Wave City. The advancements in residential projects within the township, as well as the affordability factor, are likely to attract a significant number of homebuyers in the coming years, further cementing Wave City’s position as a thriving real estate destination.
