Realty developer Wave Group is in the process of diluting part of its land bank in Wave City, Ghaziabad, having sold land to at least six builders. The company is also in discussions with additional developers to facilitate further land sales.

The combined areas to be developed by these real estate developers will amount to approximately 12 million square feet over the next few years. Wave Group is also planning to launch its own project within the same township.

"The demand for premium apartments in the township has surged sharply over the last 12 months, leading to a nearly 30% increase in prices in the secondary market during this period," stated Rajiv Gupta, Managing Director of Wave City.

Wave Group plans to launch around seven million square feet of residential space, combining both premium and affordable categories. Recently, Gaurs Group launched a three-million-square-foot luxury residential complex in the township, comprising 1,216 flats, which has already been sold for a total value of Rs 3,100 crore.

In comparison, the base price for premium residential projects in Noida and Gurgaon exceeds Rs 15,000 and Rs 20,000 per square foot, respectively, while in Wave City, it remains below Rs 9,000 per square foot.

This smart city is located adjacent to NH-24 and covers over 4,200 acres, with one-third of the area dedicated to green spaces and infrastructure development.

Wave Group has issued possession letters to over 11,000 buyers of its residential and commercial units, with more than 4,000 families currently residing in the township.