The hope has kept them going, as thousands of investors in Wave City, Ghaziabad expect a decision by their side soon. The Ghaziabad Authority scheduled to meet today, is likely to sanction Wave City map. More than 3,000 allottees have waited for plots for more than a decade.
GDA is most likely to approve the detailed report of the Wave City project that covers 4,000 acres. Since 2021, the plan was turned down multiple times because of unpaid Rs. 401 crore land conversion costs.
After approval, the developer, Utpal Chandha Hi-Tech Developers Pvt Ltd, is likely to take six months to develop the land parcel before handing it over to the allottees. The sanction will allow other 5,000 plots allottees to get the registry of their properties done.
Prabhakar Mishra an allottee waiting for plot registration after investing in the scheme in 2009 said, “Imagine your hard-earned money in a dream house but not being able to build it. Our plots have been stuck for 15 years because the property could not be registered. It has taken the Government more than a decade to take note of our problems. We are hoping that the GDA will not delay the project further and give its nod to the layout to make way for the registration of hundreds of allottees in the township.”
The township was launched with tech-enabled homes and sprawling green spaces – under the state’s hi-tech township policy in 2009-10. The developer wished to build 4,312 acres of land over the project however, land acquisition but farmer protests obstructed the plan.
A spokesperson from Wave Group said, “A portion of land that we were to acquire came under” “Lal Dora” expansion area. So, we failed to get hold of the entire land earmarked for the scheme. Subsequently, the project size was downsized to 4,196 acres for which we submitted a revised DPR to GDA for approval.”
In 1908, under British rule, Lal Dora delineation stood for making areas outside formal settlements for agricultural purposes. These land parcels won’t come under regular building bylaws and municipal norms. However, the owners of these do face challenges in providing ownership and financial assistance.
The developer claims to develop 50% of the land and handing over plots to approximately 5000 families. Wave City spokesperson said, “The remaining part that is yet to be developed, for which we have submitted several DPRs but are yet to get approval, has been stuck following some objection flagged by the CAG. It affected nearly 3,000 allottees who had invested in the project.”
Since 2017, the project has been stalled after the CAG audit report non-recovery of approximately Rs. 401 crore against land conversion cost.
However, in 2023, the situation changed, as a high-profile committee headed by the Chief Secretary, looked into the matter. In Feb 2024, the committee expressed that ‘interest of homebuyers is paramount’ and guided GDA to sanction Wave city map.
Wave Group has to mortgage land and other property valuing nearly Rs. 400 crore with GDA for the map sanction.
