Buyers and investors, who have put their money in Noida's 152-acre Wave City township of Wave Infratech - a realty arm of liquor baron Ponty Chadha's group - were in panic.
"I am concerned about the future of Wave infratech, which is building a township in Noida's sector 32 and 25A spread across 152 acres of prime land in the heart of the city. The question is if the group would be able to deliver luxurious flats, commercial space and hotels on time by 2016, as claimed, after the death of Ponty," said an investor, requesting anonymity.
The Noida authority on Friday gave the green signal for the construction of the first phase of Wave City in sector 25A. Trying to allay fears of investors, a spokesperson for Wave infra-tech said, "Buyers and investors need not panic. The tragic death of Ponty Chadha and his borther Hardeep will not affect Wave group's future."