Wave Group is divesting part of its land bank in Wave City, Ghaziabad, to boost cash flow, with plans for approximately 12 million square feet of development by various builders. The company also aims to launch a project offering seven million square feet of premium and affordable housing. Demand for premium apartments has surged, causing a nearly 30% price increase in the secondary market. In contrast to prices in Noida and Gurgaon, which exceed INR 15,000 and INR 20,000 per square foot, Wave City offers rates below INR 9,000. Currently, over 4,000 families reside in the township.
Realty developer Wave Group is selling off a portion of its land bank in Wave City, Ghaziabad, having already sold land to several builders to enhance cash flow. The company is also in discussions with more developers for additional land sales. The total area these developers plan to develop is approximately 12 million square feet over the coming years. Rajiv Gupta, the managing director of Wave City, indicated that Wave Group plans to launch a project within the same township. He noted that demand for premium apartments has significantly risen over the past year, leading to a nearly 30% increase in prices in the secondary market during that time.
Wave Group intends to launch approximately seven million square feet of both premium and affordable projects. Recently, Gaurs Group introduced a three-million-square-foot luxury residential complex in the township, featuring 1,216 flats, which has already gathered a total value of INR 3,100 crore in sales. The starting price for premium residential projects in Noida and Gurgaon exceeds INR 15,000 and INR 20,000 per square foot, respectively, whereas in Wave City, it is under INR 9,000 per square foot. This smart city, located next to NH-24, covers over 4,200 acres, with one-third allocated to green spaces and infrastructure development. Wave Group has issued possession letters to more than 11,000 buyers of its residential and commercial units, and over 4,000 families are currently residing in the township.
Wave City's growth reflects a vibrant real estate market, driven by increasing demand for premium housing at competitive prices. With Wave Group's strategic land sales and plans for new developments, the township is poised for significant expansion. The strong sales figures, such as those from Gaurs Group's luxury complex, highlight investor confidence in the area. As the township continues to attract residents with its affordable pricing and abundant green spaces, Wave City is positioned to become a key player in the regional real estate landscape, fostering a thriving community for both families and investors alike.
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