Ghaziabad Development Authority to Approve Wave City Project
A high-powered committee chaired by the chief secretary has instructed the Ghaziabad Development Authority (GDA) to expedite the approval of the project report for Wave City. This move aims to facilitate the allocation of houses to approximately 3,000 buyers. However, Wave Group, the developer behind Wave City, must pledge land and other assets worth approximately Rs 400 crore with the GDA to secure approval for the Detailed Project Report (DPR).
Earlier rejections of multiple project reports submitted by Wave Group were attributed to outstanding land conversion charges amounting to Rs 401 crore, as revealed by a 2017 Comptroller and Auditor General (CAG) survey. Emphasizing the paramount importance of homebuyers' interests, the government committee directed the GDA to ensure that Wave Group mortgages its properties to settle its dues. Rajesh Kumar Singh, the GDA secretary, confirmed the directive and highlighted the government's commitment to prioritizing the welfare of homebuyers. The revised DPR is anticipated to receive approval at the next GDA board meeting.
Earlier rejections of multiple project reports submitted by Wave Group were attributed to outstanding land conversion charges amounting to Rs 401 crore, as revealed by a 2017 Comptroller and Auditor General (CAG) survey. Emphasizing the paramount importance of homebuyers' interests, the government committee directed the GDA to ensure that Wave Group mortgages its properties to settle its dues. Rajesh Kumar Singh, the GDA secretary, confirmed the directive and highlighted the government's commitment to prioritizing the welfare of homebuyers. The revised DPR is anticipated to receive approval at the next GDA board meeting.