Realty developer Wave group is diluting part of its land bank in Wave City in Ghaziabad and has sold land to at least half a dozen builder in order to improve cash flow.
It is also in talks with more developers to sell land.
The combined areas these real estate developers will develop will be around 12 million square feet in the next few years.
Wave group is also planning to launch its project in the same township.
“The buyers’ demand for premium apartments in the township has sharply increased over the last 12 months. As a result, the price in the secondary market jumped by almost 30% in the period,” said Rajiv Gupta, managing director of Wave City.
Wave Group has planned to launch around seven million square feet in the combination of premium and affordable categories.
Gaurs group recently launched three-million-square-foot luxury residential complex in the township with 1,216 flats last week, which had already been sold for a total value of Rs 3,100 crore.
The base price for premium residential projects in Noida and Gurgaon is upward of Rs 15,000 and 20,000 per square ft, respectively, while in Wave City, it is below Rs 9,000 per square ft.
This smart city is adjacent to NH-24 and spans over 4,200 acres, with one-third dedicated to green areas and infrastructure development.
Wave Group has given possession letters to over 11,000 buyers of its residential and commercial units. More than 4000 families are living in the township.
