Nearly 3,000 homebuyers in Ghaziabad anticipate progress on the Wave City project as the GDA meets this month to discuss its approval. Delays have plagued the 4,000-acre development, with a decade-long wait due to unpaid land conversion fees of INR 401 crore. If approved, the developer may need another six months to prepare the land, benefiting 5,000 families already allotted plots. A committee led by the chief secretary has pushed for prioritizing homebuyers' interests, aiming to resolve long-standing issues and enable property registrations.
Nearly 3,000 homebuyers in Ghaziabad are eager for progress on the Wave City project as the Ghaziabad Development Authority (GDA) prepares to meet this month to discuss the project's detailed approval. Many allottees have faced long delays, waiting over a decade for their land plots along National Highway 9.
The GDA board is expected to approve the Wave City project, which covers 4,000 acres of land, after previous rejections linked to an unpaid land conversion fee of INR 401 crore. If the plan receives the green light, the developer, Utpal Chadha Hi-Tech Developers Pvt Ltd, may take about six more months to prepare the land for delivery to the allottees. This approval would also allow an additional 5,000 families who have already received plots to officially register their properties.
Prabhakar Mishra, a long-time allottee, shared his frustration with the ongoing delay. Having invested in the project back in 2009, he said, "It's like a dream that we cannot build." Many investors like Mishra are hopeful that the GDA will expedite the process and resolve their ongoing issues. The township project originally launched in 2009 promised modern homes and green spaces but has struggled to move forward due to legal and financial complications.
The Wave Group, the project developer, initially intended to develop 4,312 acres but faced significant challenges in securing land, particularly due to protests from farmers. As a result, the project was downsized to 4,196 acres. Issues with local land laws, particularly regarding areas marked as 'Lal Dora,' have complicated efforts to acquire land for development. The Lal Dora system, established during British colonial rule, designates agricultural areas outside formal settlements and complicates property transactions, making it challenging for developers to proceed.
Currently, the Wave Group claims to have developed around 50% of the project area, providing plots to nearly 5,000 families. However, approval for the remaining areas has been stalled, affecting thousands who have invested in the project. A spokesperson from the Wave Group mentioned that several detailed project reports (DPRs) have been submitted, but approvals have been delayed due to concerns raised by the Comptroller and Auditor General (CAG).
The situation began to improve earlier this year when a committee led by the chief secretary was established to address the concerns surrounding the project. This committee highlighted the importance of homebuyers' interests, prompting a renewed push for the GDA to approve the project's updated report. Wave Group is also required to provide land and property valued at approximately INR 400 crore as collateral for the GDA to proceed with the project approval.
An official from the GDA indicated that the upcoming board meeting could signal positive changes for allottees. The official stated that once they approve the DPR for Wave City, 5,000 families could register their plots, and another 3,000 are set to receive their land.
The hope surrounding the approval of the Wave City project reflects a broader concern for homebuyers in the region, many of whom have invested significant resources in real estate projects that have faced similar delays and obstacles. As discussions continue, stakeholders remain optimistic that the GDA's decision will lead to progress, unlocking years of anticipation and investment for numerous families in Ghaziabad.
Advertisement
Facebook
Whatsapp
