GHAZIABAD: A high-powered committee headed by the chief secretary has asked the Ghaziabad Development Authority (GDA) to approve the project report for Wave City so that around 3,000 buyers can be allotted houses.
Wave Group will, however, have to mortgage land and other property worth around Rs 400 crore with the GDA for the DPR to be approved.
Officials said multiple project reports submitted by Wave for the township off NH-9 had been rejected by GDA since 2021 because the developer owed Rs 401 crore as land conversion charges.
It wasn’t the GDA, but a CAG survey in 2017 that had lifted the veil off the dues and the subsequent loss to the state exchequer.
Observing that the “interest of homebuyers is paramount”, the govt committee told the GDA that it should allow construction of the township only after it had mortgaged the properties. The decision to mortgage Wave Group’s land was taken after the company informed the panel it didn’t have the money to clear the dues.
Rajesh Kumar Singh, the GDA secretary, said the order from the committee came on Jan 31. “For the govt, the interest of homebuyers is paramount. It has been decided that Wave Group will have to mortgage movable and immovable property worth the money it owes the GDA for us to approve their DPR. The CAG had raised objections regarding Wave’s mounting dues. The GDA board is expected to be approved the revised DPR at the next meeting,” Singh added.
A spokesperson for Wave said, “The matter has come to our notice. We are always committed to the interests of our customers.”
Under the hi-tech township policy, the state govt had in 2009 notified 8,700 acres spread across 18 villages along NH-9 in Ghaziabad. Wave and Suncity were given licences to develop the township, under which there was a plan to construct 2 lakh dwelling units. Wave Group was supposed to acquire 4,400 acres.
But due to various reasons, including farmers’ reluctance to part with their land, a portion of the earmarked land could not be acquired. After much deliberation, it was decided that the area for Wave would be reduced to 4,100 acres.
“We submitted a revised DPR to the GDA after the earmarked area was downsized,” the spokesperson said, adding that half of the land had already been developed and was already home to some 5,000 families.
“We have been seeking approval for construction on the remaining land, where around 3,000 buyers have invested. If the plan of the high-powered committee works out, these buyers will get relief,” the company official said.
