Real estate sector: Representative image | Photo: Shutterstock
Real estate firm Wave Group plans to launch around 9,000 apartments in its 4,200-acre township ‘Wave City’ in Ghaziabad to monetise its huge land bank amid strong demand for housing.
In a statement, Wave Group said it plans to launch around 7 million square feet in the premium and affordable group housing categories in Wave City in the current fiscal year ending March 2025.
The investment to develop the 7 million square foot area and the potential sale value were not disclosed.
The company has already developed more than a third of the township, spread over about 4,200 acres, in the past 10 years through parceled developments and low-rise cluster housing complexes.
“We will be launching an area of 7 million square feet comprising 8,000 to 9,000 apartments,” said Rajiv Gupta, managing director of Wave City.
“Demand for luxury apartments in the township has increased significantly over the past 12 months. As a result, the price in the secondary market has increased by almost 30 per cent in that period,” said Gupta.
The company has also sold some plots to other developers.
“We have provided world-class infrastructure and services in the township, making it an attractive destination for developers and homebuyers,” he said.
According to real estate brokers, the base asking price for premium residential projects in Noida and Gurugram is above Rs 15,000 and 20,000 per sq ft respectively, while in Wave City, the rate is below Rs 9,000 per sq ft.
Wave City spans 4,200 acres, with one-third dedicated to green space and infrastructure development.
In this municipality, Wave Group has delivered possession letters to more than 11,000 buyers of its residential and commercial units. More than 4,000 families live in this municipality.
(Only the headline and image of this report may have been reworked by Business Standard staff; the rest of the content is auto-generated from a syndicated feed.)
First published: September 20, 2024 | 17:31 IS
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