Wave Group Targets Rs 500 Cr Revenue from Ghaziabad Township

New Delhi, Oct 8 (PTI) Realty firm Wave Group is expecting more than Rs 500 crore revenue from a new luxury housing project in its 4,200-acre township in Ghaziabad, Uttar Pradesh.

The company has launched a new project 'Eden', spread across 5.2 acres, Wave Group said in a statement.

It has launched around 250 apartments for sale. The company is expecting sales bookings value of more than Rs 500 crore, according to property consultants.

Last month, Wave Group had said it plans to launch around 9,000 flats in its 4,200-acre township 'Wave City' at Ghaziabad to monetise its huge land bank amid strong housing demand.

The group plans to launch about 7 million square feet in the premium and affordable group housing categories in Wave City in the current fiscal.

The investment to develop a 7 million square feet area and potential sales value were not disclosed.

Wave Group has already developed more than one-third of the township spread over 4,200 acres in the last 10 years by way of plotted development and low-rise group housing complexes.

"We will be launching a 7 million square feet area comprising 8,000-9,000 apartments.

"The buyers' demand for premium apartments in the township has sharply increased over the last 12 months. As a result, the price in the secondary market jumped by almost 30 per cent in the period," Rajiv Gupta, Managing Director of Wave City, had said.

The company has also sold some plots to other builders.

According to property brokers, the basic selling price for premium residential projects in Noida and Gurugram is upward of Rs 15,000 and 20,000 per square ft, respectively, while in the Wave City, the rate is below Rs 9,000 per square ft.

Wave City is spread over 4,200 acres, with one-third dedicated to green areas and infrastructure development.

In this township, Wave Group has given possession letters to over 11,000 buyers of its residential and commercial units. More than 4,000 families are living in this township.