As per the orders of the UP government, Noida has the authority to restore allocation to Wave Megacity

In the last meeting on October 27, 2024, the board had rejected the calculations submitted by the real estate company.

Board Chairman Manoj Kumar Singh, who is also Uttar Pradesh Chief Secretary, rejected the calculations submitted and directed the authority to recalculate the dues and proposed the final amount at the next board meeting, the date of which is yet to be fixed, officials said.

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

“Since the board has rejected the calculation of the Wave Megacity’s financial contribution, we will recalculate the amount and submit it to the board in the next meeting. Once the calculations are completed, we will take the next action in the recovery process as per the UP government’s order,” said Lokesh M, CEO of Noida authority.

Wave Group’s subsidiary Wave Megacity had launched its residential and commercial projects in Noida’s Sector 25A and 32 in 2011-2012 with a delivery guarantee in early 2014. However, Wave Megacity failed to deliver units in the residential towers and other commercial projects, except for a few shops in Sector 32. Faced with a financial crisis in recent years, the group’s condition worsened in 2021, when the Noida Authority canceled land allotment in February (2021) for non-payment of the contribution of ₹2,700 crore.

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

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

Wave Megacity could not be reached for comment on the matter.