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NOIDA: Skepticism about ‘Waves Infratech City Center’ removed

Since quite a few months, there has been marked skepticism amongst investors and home buyers, who were keen to invest in Waves Infratech’s upcoming project ‘Wave City Center’. This was mainly due to a petition of approximately 94 farmers, who believed that the allotment of land to the realty developer was unfair. However, on 24 September 2012, after the Supreme Court rejected this petition, the development will take place without any hassles.

  • Last year, Waves Infratech won 40 million square feet for this project in an auction, outbidding two prominent realty developers namely, Amrapali and the 3C company.
  • Following this, a group of farmers filed a petition in the High Court challenging the allotment of land to Waves Intratech.
  • On 21 October 2011, the Allahabad High Court gave its ruling, rejecting this petition.
  • The petitioners then sought a revised judgment from the Supreme Court.
  • On 24 September 2012, the Supreme Court too have taken a decision in the favour of the developer.
  • Given this decision, there is no hindrance to start the project, the first phase of which is likely to be completed tentatively by 2016.

Expected development in the First Phase: This will comprise of realty development on 9.5million square feet. This would tentatively include 900 studio apartments, 370 condominiums, two hotels, a two million square feet shopping mall, and 1.8 million square feet of office development.

 

 

About Sanjit Sharma

Sr. Online Marketing Executive with Favista Real Estate Pvt. Ltd.
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