Noida, March 10 : In a major action, the Noida Authority on Wednesday has withdrawn land from the Wave Group and a team of authority officers reached the Wave City Center and took possession of the land.
Noida Authority withdrew the land allotment from the group’s Noida City Center. On Wednesday afternoon, a team of authority officers reached the Wave City Center and took possession of the land.
A Wave group spokesperson said, “Noida authority’s high-handed action is an illegal act that will cause a massive loss to all the stakeholders, including the buyers. For reasons best known to them, the Noida Authority is acting against settled norms and its own PSP. We believe that we have a strong case. We are in the process of taking appropriate legal recourse against Noida Authority so as to protect the interest of all the stakeholders”.
It is learnt that he Wave Group was not paying the dues to the Noida authority. The company had returned the land to the authority to avoid being a defaulter.
On Wednesday, after a long 6 month process, the authority has acquired possession of the withdrawn land.
On this land, the authority will bring schemes of commercial real estate, hotels, residential complexes and mini malls.
The Noida authority in March 2011 had allotted 6,14,000 square metres of land to the Wave group.
Initially, Wave was preparing to develop this land as a commercial hub, but in 2016, the Wave Builder applied to return the land to the Authority under the Project Settlement Policy.
However, the action related to the withdrawal of the property could not be completed. Later, under the Project Settlement Policy, the builder again applied to give back 4.5 lakh square metres of land. The Authority then took possession of the land, completing the action of taking back the land. The surrender was formalised between the Wave Builder and the Authority about three months ago.
The authority plans to sell the land in small parcels as it will be very difficult to sell 4.5 lakh square metres of commercial land simultaneously.
The Authority will divide this entire land into 9 plots. This will increase the price of land. Investors will have to invest less money to buy land and the possibility of selling land will be more.
If the authority’s plan is successful, the authority will get revenue of more than 7,000 crores.
Disclaimer: This story is auto-generated from IANS service.