Ghaziabad: A breakthrough appears imminent for the long-stalled Wave City project in Ghaziabad. The Ghaziabad Development Authority (GDA) is on the verge of approving the project’s detailed project report (DPR), a crucial step towards its completion.
The approval, however, comes with a condition. Wave Group, the developer, must mortgage properties worth approximately Rs 400 crore to the GDA to offset outstanding land conversion charges. This decision follows months of negotiations and a high-level committee’s intervention to resolve the impasse.
The Wave City project has been plagued by delays due to various issues, including unpaid dues and legal challenges. Thousands of homebuyers have been eagerly awaiting the project’s completion. With the GDA’s nod, coupled with the developer’s agreement to the mortgage condition, the project is poised to enter a new phase. While challenges remain, this development signifies a significant step forward for both the developer and the homebuyers involved.
The GDA’s decision reflects a delicate balancing act between ensuring the project’s progress and safeguarding the interests of the public. The mortgage requirement serves as a safeguard for homebuyers and the authority, mitigating potential risks associated with the project.
