Real Estate sector: Representative Image | Photo: Shutterstock2 min read Last Updated : Sep 20 2024 | 5:31 PM ISTRealty firm Wave Group plans to launch around 9,000 flats in its 4,200-acre township 'Wave City' at Ghaziabad to monetise its huge land bank amid strong housing demand.In a statement, Wave Group said it is planning to launch about 7 million square feet in the premium and affordable group housing categories in Wave City in the current fiscal ending March 2025.The investment to develop a 7 million square feet area and potential sales value were not disclosed.The company has already developed more than one-third of the township spread over around 4,200 acres in the last 10 years by way of plotted development and low-rise group housing complexes."We will be launching a 7 million square feet area comprising 8,000-9,000 apartments," Rajiv Gupta, Managing Director of Wave City, said."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 per cent in the period," Gupta said.The company has also sold some plots to other builders."We have provided the world-class infrastructure and amenities in the township, which has made it an attractive destination for developers and homebuyers," he said.According to property brokers, the basic selling price for premium residential projects in Noida and Gurugram is upward of Rs 15,000 and 20,000 per square ft, respectively, while in Wave City, the rate is below Rs 9,000 per square ft.Wave City is spread over 4,200 acres with one-third dedicated to green areas and infrastructure development.In this township, Wave Group has given possession letters to over 11,000 buyers of its residential and commercial units.
More than 4,000 families are living in this township.(Only the headline and picture of this report may have been reworked by the Business Standard staff; the rest of the content is auto-generated from a syndicated feed.)First Published: Sep 20 2024 | 5:31 PMIST