Wave Group homebuyers stage protest over delay in delivery of flats in Noida

Homebuyers of Wave Group’s Amore apartments in Noida staged a protest on Saturday against the delay in delivery of flats. Around 55 homebuyers reached the project site located in Sector 32 at 10am and raised slogans against the office-bearers of the real estate developer.

The residential project was announced in the year 2012 and the Wave Group had promised that it will give possession of the flats to the buyers by 2016.

The project has about 780 housing units and a 43-storey commercial tower. “Out of the 780 flats in the project, there are 480 buyers whose investments are stuck. Last year, the builder had said that they are ready to give possession of the flats to those buyers who pay the full amount and the last date for the payment was March 2. After the homebuyers paid the amount, on March 20 we came to know that the builder has filed for bankruptcy,” said Pramod Verma, a resident of Sector 30 in Noida who bought a flat for 2 crore.

Wave Mega City Centre (WMCC) Private Limited, a special purpose vehicle of real estate developer Wave group had moved the National Company Law Tribunal (NCLT), seeking corporate insolvency proceedings against itself in March last year.

WMCC had launched residential and commercial projects in Sectors 25A and 32 in 2011-12 with an assurance of giving possession from 2014 onwards. However, the company is yet to deliver units in residential towers, though it has delivered some shopping units in its Sector 32 project.

In February 2021, the Noida authority had also cancelled the land allotment for alleged failure to clear dues to the tune of ₹2,700 crore.

The Noida authority had allotted 618,952 square metres (sqm) of land in Sectors 25A and 32 for a mixed land use project to the company in March 2011. But, amid the slowdown in the real estate sector, the firm had returned 454,131.62 sqm land to the authority.

On March 10, 2021, the Noida authority had taken possession of 108,421.13 sqm of land (in Sector 32) that was given to WMCC after the developer allegedly failed to pay the land cost dues.

Homebuyers are now hoping that their voice is heard and say that political intervention can expedite the delivery of flats.

“Considering the reputation and the prime location of the property, I had booked a 3-BHK flat in 2014 and invested all my life’s savings here. We demand some intervention from the local people’s representatives so that either the project can be handed over to another builder or we are given a refund of our money,” said Ashok Sahni, a resident of Jal Vayu Vihar in Sector 25 and a retired Indian Navy official.

The homebuyers also proceeded to meet Noida MLA Pankaj Singh on Saturday but were given an appointment later.

When asked about the matter, the Bharatiya Janata Party (BJP) legislator said, “I will hear the concerns of the homebuyers and all efforts will be made to give them justice”.

A spokesperson from the Wave Group said, “The company has gone to the NCLT to protect the interest of the homebuyers. Since the case is pending before the tribunal, we will not be in a position to comment on the matter”.