Over 100,000 sqm owned by Wave Group in Noida seized, firm says will approach court

NOIDA: The Noida authority on Wednesday said it has seized about over 100,000 square metres (sqm) land belonging to the Wave Mega City Centre Private Limited located in the heart of Noida in Sector 32

NOIDA: The Noida authority on Wednesday said it has seized about over 100,000 square metres (sqm) land belonging to the Wave Mega City Centre Private Limited located in the heart of Noida in Sector 32. Officials said the action comes after the company allegedly failed to pay dues for the land in question, forcing the authority to take possession after cancelling the allotment on February 11, 2021. The realty firm, however, called the action “unlawful” adding that it will approach the courts for relief.

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The authority had decided to issue a notice to the Wave Group on December 12 last year during its 200th board meeting, warning them that if the realty firm does not pay up, the allotment of the mixed-use land (residential and commercial), located at a prime location in the city, will be cancelled.

“Since the Wave Group has not cleared its financial dues of around ₹2,500 crore, even after having been given an opportunity via a notice, the authority decided to cancel the allotment on February 11. On Wednesday, the team of officials from the authority took possession over 108,421.13 sqm of the land. At least 44,853.13 sqm out of the seized 108,421.13 sqm have been developed by the realty firm while the remaining 63,568 is not covered. As of now, the Wave Group has an additional 56,400 sqm of land with it,” said Ritu Maheshwari, the chief executive officer of the Noida authority.

The authority said the Wave Group has constructed a 43-story building and another complex where three-10 storey buildings have been built on a covered area of 44,853.13 sqm.

“We have sealed these two buildings,” said Maheshwari.

The authority had on March 11, 2011 allotted 618,952 sqm to the realty firm in Sector 25A and 32 in Noida for a mega mixed-land (commercial and residential) use project. It was the biggest land deal of the year and the Wave Group had said it had wanted to develop a mega mixed-land use project with premium residential units and commercial space right in the centre of the city, said officials of the authority. However, amid slowdown in the real estate sector, the firm could not develop the land and returned about 454,131 sqm to the authority under a policy.

When contacted, a spokesperson for the Wave Group, who asked not to be identified, said the action will affect the interest of investors and other stakeholders.

“The Noida authority’s high-handed action is an illegal act which will cause massive loss to all stakeholders, including buyers. For reasons best known to them, the Noida authority is acting against settled norms and its own policies. We believe that we have a strong case. We are in the process of taking appropriate legal recourse against Noida authority so as to protect the interest of all stakeholders,” said the spokesperson.