Confirm Booking Wave
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Wave Infra to invest Rs
500 cr in affordable housing Construction for 'Wave City Dream Homes' at
company's integrated township-Wave City will be completed in 3-4 years.
Wave Infratech, the
realty arm of Ponty Chadha’s Wave Group, will invest Rs 500 crore to set up its
first affordable housing venture in the Delhi national capital region area,
which will offer homes in a price range of Rs 14-18 lakh.
The construction for the
project, ‘Wave City Dream Homes NH-24 Ghaziabad’,
will start this month at the company’s integrated township — Wave City in Ghaziabad,
Uttar Pradesh — and will be completed in three-four years, R K Panpalia,
managing director, Wave Group, told Business Standard. In the first phase, the
company will set up 1,500 flats in this segment.
With the recent Budget
announcements, the sales in the affordable segment are expected to increase, he
said. In the Budget, the limit for deduction of home interest was increased to
Rs 2.5 lakh from Rs 1.5 lakh for the first time home buyers for a loan amount
of up to Rs 25 lakh.
Wave City, which is
spread over 4,500 acres, will have hospitals, schools and other commercial
set-up, including hotels in the second phase of the project, besides villas,
independent floors and plots. The company will offer 1BHK and 2BHK homes with
an area of 575-800 square feet. In total, it will provide 3,500 flats — 800
(1BHK) and 2,700 (2BHK) homes.
The investment will be
done through internal accruals and debt and the company has no plans to raise
money through private equity or go in for an initial public offerring at the
moment, Panpalia added.
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