On UP govt orders, Noida authority to restore allotment to Wave Megacity

The Noida authority is likely to ”finalise” the financial dues of Wave Megacity Centre Private Limited for the land it was allotted in Sector 32 in the next board meeting, with an aim to restore the allotment to the company, said authority officials on Tuesday.

In the last meeting held on October 27, 2024, the board had rejected the calculations submitted by the realty firm.

Board chairman Manoj Kumar Singh, who is also Uttar Pradesh’s chief secretary, rejected the calculations submitted and directed the authority to recalculate the dues, and put forth the final amount in the next board meeting, the date of which is yet to be decided, said officials.

The Uttar Pradesh government has issued an order asking Noida authority to restore the allotment of the land on which the Wave Megacity is building a housing project in Sector 32, said officials.

“Since the board rejected the financial dues calculation of the Wave Megacity, we will recalculate the amount and put it before the board in the next meeting. Once the calculations are finalised, we will take the next course of action in the process of restoration as per the UP government order,” said Lokesh M, chief executive officer, Noida authority.

The Wave Group’s subsidiary Wave Megacity had launched its residential and commercial projects in Noida’s Sector 25A and 32 in 2011-12 with an assurance of delivery, beginning 2014. However, Wave Megacity failed to deliver units in the residential towers and other commercial projects, except for a few shops in Sector 32. Facing a financial crisis for the past many years, the group’s condition worsened in 2021, when the Noida authority in February (2021) cancelled the land allotment for failure to clear dues of ₹2,700 crore.

The Noida authority, on March 10, 2021, took back possession of 108,421.13 square metres of land in Sector 32.

The Wave Megacity pleaded before the state government that the allotment be restored as it has already paid ₹1,570 crore to Noida authority. Following the demand, the government asked the authority to restore the allotment, said officials.

Wave Megacity was not available for comment on the matter.