Real estate firm Wave Group expects revenue of over Rs 500 crore from a new luxury housing project in its 4,200-acre township in Ghaziabad, Uttar Pradesh.
The company has launched a new project ‘Eden’, spread over 5.2 acres, Wave Group said in a statement.
It has put around 250 apartments for sale. The company expects a sales booking value of over Rs 500 crore, according to real estate consultants.
Last month, Wave Group had said it 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 housing demand.
The group plans to launch around 7 million sq ft across premium and affordable group housing categories in Wave City in the current financial year.
The investment to develop an area of 7 million square feet and the potential sales value were not disclosed.
Wave Group has already developed more than a third of the township, spread over 4,200 acres, over the past 10 years through parceled development and low-rise group housing complexes.
“We will launch an area of 7 million square feet comprising 8,000 to 9,000 apartments.
“Demand for luxury apartments in the city has increased considerably in the last 12 months. As a result, the price in the secondary market has increased by almost 30 per cent during the period,” said Rajiv Gupta, managing director, Wave City. had said.
The company has also sold some plots to other developers.
According to real estate agents, the base selling price for premium residential projects in Noida and Gurugram is above Rs 15,000 and Rs 20,000 per sq ft respectively, while in Wave City, the rate is less than Rs 9,000 per sq ft.
Wave City is spread over 4,200 acres, with one-third dedicated to green space and infrastructure development.
In this municipality, Wave Group has delivered letters of possession to more than 11,000 buyers of its residential and commercial units. More than 4,000 families live in this municipality.
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