Realty Developer Wave Group Focuses on Cash Flow Improvement
Wave Group, a prominent realty developer, has announced its decision to unlock the value of its land bank in Wave City, located in Ghaziabad. In an effort to improve cash flow, the company has sold land to several builders and is currently in talks with additional developers for further transactions. These strategic moves are expected to result in the development of approximately 12 million square feet of real estate in the coming years.
Increasing Demand for Premium Apartments Boosts Secondary Market Prices
According to Managing Director Rajiv Gupta, the demand for premium apartments in Wave City has witnessed a significant surge over the past year. This rising demand has led to a remarkable 30% appreciation in prices in the secondary market during that period. To cater to the growing interest, the Wave Group is planning to launch new projects in the township, with a total area of around seven million square feet, encompassing both premium and affordable housing categories.
Gaurs Group Launches Luxury Residential Complex in Wave City
Last week, the Gaurs Group unveiled a luxurious residential complex spread across three million square feet within Wave City. The remarkable project features 1,216 flats, all of which have already been sold, amounting to a total value of Rs 31 billion. This development not only showcases the attractiveness of Wave City but also indicates the rising demand for upscale housing in the region.
Competitive Pricing and Ideal Location Factors Drive Demand
The base price for premium residential projects in neighboring regions such as Noida and Gurgaon typically exceeds Rs 15,000 and 20,000 per square foot, respectively. In contrast, the base price within Wave City remains below Rs 9,000 per square foot. The lower pricing combined with the strategic location adjacent to NH-24 has significantly contributed to the growing popularity among buyers. Spanning over an extensive area of 4,200 acres, Wave City ensures ample green spaces and robust infrastructure development, making it an ideal choice for potential homeowners.
Impressive Figures: Possession Letters and Township Residents
With nearly 11,000 purchasers already receiving possession letters for the residential and commercial units, Wave Group has successfully delivered its promise to a substantial number of buyers. Moreover, the township already hosts over 4,000 families, who are relishing the high-quality amenities and superior living experience offered within Wave City.
Overall, Wave Group’s strategic move to sell land within Wave City to various developers aims to optimize cash flow while contributing to the dynamic growth of the area. The rising demand for premium apartments, coupled with the competitive pricing and prime location factors, are projected to fuel the continuous development and flourishing real estate market in Wave City.
