Wave forays into affordable housing

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

Updated on: Apr 21, 2014, 16:34:36 IST

None | By Vandana Ramnani, Delhi

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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.

ABOUT THE AUTHOR
Vandana Ramnani
Vandana Ramnani leads the real estate vertical at Hindustan Times Digital, bringing over two decades of journalism experience across real estate, education, human resources, and foreign affairs. She specialises in India’s real estate sector, covering residential and commercial markets in Delhi-NCR, Mumbai, and Bengaluru, with in-depth reporting on regulatory developments, urban policy, housing trends, and interviews with industry leaders. Her work has also appeared in the Hindustan Times newspaper and HT Estates. Earlier, Vandana played a key role in establishing the real estate vertical at Moneycontrol (NW18 Group), shaping its editorial direction and market coverage. She has also written extensively on international education for HT Education, tracking global study destinations, policy changes, and student mobility trends, earning the Singapore Education Award 2009 for Best Media Coverage (Print). Her reporting portfolio includes human resources and employment trends for HT ShineJobs and PowerJobs, as well as lifestyle and interior design features for HT Premium Homes. Vandana began her career with the Press Trust of India, gaining strong editorial and reporting expertise. She was also selected for a prestigious fellowship at Fondation Journalistes en Europe in Paris, where she wrote for EuroMag. One of her notable reporting assignments included covering Germany’s capital relocation from Bonn to Berlin. Outside of journalism, Vandana is a passionate traveller, constantly seeking out charming hideaways across India and the lesser-known, offbeat corners of Southeast Asia.Read More

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