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Wave forays into affordable housing

realestate Updated: Apr 21, 2014 16:34 IST
Wave Group

Encouraged by Government of India’s recent initiative to provide affordable housing, Wave Group has announced its foray into this, says Rajendrakumar Panpalia, managing director, Wave Group in an interview with Vandana Ramnani. Excerpts from an interview

VR: Why has Wave Group ventured into affordable housing now?
RP: Encouraged by Government of India’s recent initiative to provide affordable housing in the country, Wave Group, has announced its foray into affordable housing.

The finance minister in his recent budget announcement increased the cap of home loan interest deduction limit from R1.5 lakh to R2.5 lakh for first homebuyers, an addition of R1 lakh for new home loans of up to R25 lakh. This move is expected to drive affordable housing in the country, especially in the National Capital Region, our new housing venture caters to this segment.

The project is called Dream Homes and will be located in Greenwood Enclave at Wave City, NH 24, Ghaziabad. The company is offering 1BHK and 2BHK options to customers with sizes ranging between 575 and 800sq ft (approx) and prices starting at R14 lakh.

VR: Will loans be available?
RP: Yes. Wave has tied up with nationalised banks like Bank of India and Canara Bank for home loans.

VR: What are the timelines that you’re looking at?
RP: Wave City is a 4,500 acre township at NH 24, Ghaziabad and is just 30 minutes from Delhi and 10 minutes from Noida on NH 24. Possession of the first phase of 1671 acres will be in 2016.

VR: How many units will be constructed?
RP: Wave would offer 3,500 flats, including 800 1BHK units and 2,700 2BHK units. The first phase of the project is expected to be delivered in the next 3-4 years. The project would be spread over 15 acres with facilities like club, pool, playschool and convenience shops.

VR: What is the USP of the project?
RP: For designing this new age project, we have roped in IBM to make the lives of future citizens comfortable. This concept would revolutionise the housing segment in India as buyers will be able to enjoy the benefits of smart technology.

It will have smart utilities like water and electricity management and smart transport management. All these would be remotely monitored by the central command center managed by IBM and Wave.

Wave City will also have a Bus Rapid Transport (BRT) corridor running throughout the township, which will ease travelling for its habitants.

This project is designed by world renowned city planners, Bentel Associates from South Africa and AECOM, USA.