Wave group pays ₹16 cr to Noida authority; Amore homebuyers hope registration of flats will now be complete

GREATER NOIDA: With the Wave Group making a payment of ₹16 crore to the Noida authority, the hope of registration of their flats has revived among homebuyers who were demanding it for the past many years

GREATER NOIDA: With the Wave Group making a payment of ₹16 crore to the Noida authority, the hope of registration of their flats has revived among homebuyers who were demanding it for the past many years. Due to financial dues against the project, the Noida authority had stopped the registration of flats and commercial spaces of Amore housing project in Noida.

Noida, India - October 28, 2022: A view of a Wave Group housing project, in Noida, India, on Friday, October 28, 2022. (Photo by Sunil Ghosh / Hindustan Times) **To go with Vinod’s story** (Hindustan Times)

The Noida authority had in July this year directed the Wave Megacity Centre Private Limited to pay around ₹90 crore dues if it wants to start registration of flats for aggrieved homebuyers of Amore housing project in Sector 32. The realty firm has failed to deliver flats despite a delay of several years, putting thousands of homebuyers under duress.

“The Wave Group has only paid ₹16 crore out of ₹90 crore that is required to be paid. We will do the registration of flats in proportion to the payment made by the realty firm. They should pay the remaining amount at the earliest,” said Ritu Maheshwari, chief executive officer (CEO), Noida authority.

The authority had earlier written to the realty firm, asking it to pay ₹56 crore as principal amount and ₹34 crore in interest for developing 56,400 square metres (sqm) of land in Sectors 25A and 32. The move had come after the developer sought information in writing on financial dues against the land. Work on Amore has been partially completed, while 20% work on the other mixed-land use towers in Sector 25A has been completed, sources said.

The Wave Megacity Centre Private Limited filed for voluntary bankruptcy proceedings on March 26, 2021, leaving homebuyers in the lurch. The National Company Law Tribunal (NCLT) dismissed the voluntary corporate insolvency resolution process (CIRP) petition on June 8 this year. It also asked for an inquiry to be conducted by a central government agency into allegations of fund diversion by the real estate firm.

“Wave Group is committed to fulfill its commitment to homebuyers. The flats were ready for delivery for quite some time. The Noida authority has permitted their registration earlier this month, greatly relieving the homebuyers,” a spokesperson for the realty firm said.

Homebuyers are now hoping that the long-pending registration of flats will be completed soon.

“We are happy with the development. We hope the registration of our flats is executed without any further delay,” said Anshuman Jain, an Amore homebuyer.