Wave Group is selling parts of its land bank in Wave City, Ghaziabad, to multiple developers, aiming to improve cash flow. The company has already sold land to at least six builders and is in talks with more developers. These real estate companies are set to develop about 12 million square feet in the coming years. Wave Group also plans to launch its projects, offering both premium and affordable apartments in the township.
The demand for premium apartments in Wave City has surged in the past year, with property prices in the secondary market increasing by 30%, according to Rajiv Gupta, Wave City's Managing Director. Gaurs Group recently launched a luxury residential complex with 1,216 flats, valued at Rs 3,100 crore.
Wave City, a smart city adjacent to NH-24, covers 4,200 acres, with one-third of the area allocated for green spaces and infrastructure. The base price for premium residential units is lower than Noida and Gurgaon, making it an attractive option for buyers. Wave Group has handed over possession letters to 11,000 buyers, with over 4,000 families currently residing in the township.
