Noida authority allows registration of 300 units at Wave Mega City Centre

NOIDA: The Noida Authority has allowed Wave Group to register around 300 properties in its Megacity Centre project after the company cleared Rs 16 crore in lease dues earlier this month. The properties include both commercial and residential units, a Wave Group official said.

“Wave Group is committed to fulfilling its commitment to homebuyers. The flats were ready for delivery for quite some time. The Noida Authority has allowed the registration early this month, greatly relieving the homebuyers in Wave Mega City Centre,” a spokesperson for the group said.

Earlier this year, Wave Megacity Centre Private Limited was directed to pay around Rs 90 crore in dues — Rs 56 crore in principal amount and Rs 34 crore for its projects in sectors 25A and 32.

Anshuman Jain of the Wave City Center Home Buyers Association said, “The Wave Group deposited the amount sometime back. Under the project, there are several components, such as high street shop condominiums, studio apartments and residences, including Amore and Trucia projects. The Wave Group invited about 15 buyers of Amore mid-rise flats, while those registries which are done so far fall in the commercial category.”

The Wave Megacity Centre project was launched across 6.6 lakh sqm in sectors 25 and 32 in 2011-12. The developer promised possession from 2014. Several commercial and residential projects were launched, but the projects got stuck over dues. Buyers who booked flats and shops have since been struggling to get possession. The group filed a plea at the National Company Law Tribunal for insolvency in March 2021. However, the tribunal rejected the plea in June this year.