The state government reversed the Noida Authority's order from February 2021, which had canceled Wave Group's lease of 1.08 lakh square meters of prime commercial land in the heart of the city. The government emphasized that it was providing a "fair chance" to the company and highlighted the economic benefits and investment boost that allowing the project to proceed would bring to Noida.
The land had been allotted to Wave Mega City Centre in 2011 for its mixed land-use project in sectors 25A and 32. In an order dated August 25, the state government reinstated Wave's lease and introduced updated compliance requirements for the project.
In response to Noida's order, Wave approached the government with a revision plea, arguing that there were procedural flaws in the lease cancellation. The plea was filed under Section 41(3) of the Uttar Pradesh Urban Planning and Development Act, 1973, and Section 12 of the Industrial Area Development Act, 1976. A report was submitted by the Noida Authority on November 17, 2023, and a hearing took place on June 11 of this year before the final order was issued.
Under the revised terms, Wave's total dues of Rs 11.56 billion will be recalculated under the project settlement policy (PSP) framework, with guidance provided by a committee led by the chairman of the Greater Noida Industrial Development Authority. No interest or penalties will be applied to the portion of the land whose lease was scrapped during the cancellation period. However, until the developer fully complies with the revised terms, it will not be permitted to create third-party rights on the land.
