BWI: Wave Infratech Starts Allotment of its Wave Hi-Tech City Project

Press release from Business Wire India
Source: Wave Inc.
Wednesday, November 10, 2010 01:56 PM IST (08:26 AM GMT)
Editors: General: Consumer interest; Business: Advertising, PR & marketing, Business services, Construction, Real estate
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Wave Infratech Starts Allotment of its Wave Hi-Tech City Project


New Delhi, Delhi, India, Wednesday, November 10, 2010 -- (Business Wire India) -- As part of its commitment towards timely start and delivery of residential and commercial projects, Wave Infratech Pvt. Ltd., part of industrial conglomerate Wave Inc (the erstwhile Chadha Group), has announced the commencement of the allotment of the first batch of applicants of its Wave Hi-Tech City, a high-tech township in Ghaziabad.

The company will start making the initial allotments and is expected to be completed by April'11.

The construction and development of the township is underway and its phase-I is expected to be completed by middle of 2013. Wave Hi-Tech City, Ghaziabad is a township with features such as a pollution-free transport system, high security, proposed scientific disposal of solid waste and wi-fi internet connectivity throughout the city.

Talking about the development, Mr. Manpreet Singh Chadha, CEO of Wave Infratech Pvt Ltd, said, "It is our pleasure to start the allotment of the first batch of applicants in Wave Hi-Tech City, which has caught the imagination of the public and investors since the day one of its launch. Wave Inc has always remained committed to quality and has set new benchmarks and standards in each and every field it has ventured into. Today Wave is a brand in itself and is also a name to reckon with in many fields, including real estate and property development. Wave Hi-Tech City is one of our ambitious projects which will be a living solution to middle and upper middle class people and also create wealth for them."

Wave Hi-Tech City, the Group's self-sustainable integrated township, is among the largest integrated city development projects being developed in the NCR region. It will span more than 4,500 acres with all the modern infrastructure and lifestyle facilities. The project will be a self-sustainable town having public places like a 70-acre park with lake for outings and picnics, and a sports complex to cater to the needs of children and young ones.

The First Phase of the project will involve investments of approx. Rs 3,500 crore for developing 1,671 acres of land consisting of about 7,500 plots and is envisaged to be completed in 30 months.

The First Phase will have approx. 1.7 crore sq ft of group housing schemes consisting of built-up flats starting from 900 sq. ft. area to 3,000 sq ft area. The overall development in this phase will also have sites for commercial complexes, hospitals, dispensary, schools, IT/ITES spaces, industrial spaces (non-polluting) and dedicated green areas. The entire city of 4,500 acres will see investments of approx. Rs 8,000 crore and is envisaged to be completed in 60 months.

The Group's other prominent residential projects under construction include WaveGreens, Moradabad; Wave Lakewoods, Hyderabad (approx. 1500 Acres) ; and Fairlakes, Mohali, among others.

About Wave Inc.

WAVE INC has established itself as a company riding on the strong foundation of "Innovation" across its diversified business interests spanning development & operations of malls and multiplexes, sugar manufacturing, distilleries, paper manufacturing, liquor retail, Coca Cola bottling plants, etc.

Wave Inc's next big milestone is set at making it big in the Real Estate industry where projects across Commercial and Residential segment are being rolled out with estimated projects worth in excess of Rs. 11,900 crore.

Wave has already set benchmarks with pioneering concepts of self managed Malls in the country. Some major Commercial success stories under its umbrella include The Centrestage Mall, Noida; The WestEnd Mall, Kaushambi; The WestEnd Mall, Lucknow; The WestEnd Mall, Ludhiana; and The WestEnd Mall, Moradabad. In the entertainment infrastructure space, Wave Cinemas is a brand to reckon with, having Cineplexes across Delhi, NOIDA, Kaushambi, Lucknow, Ludhiana and Moradabad with total of 25 screens and more than 7,000 seat capacity.


CONTACT DETAILS
Neeraj Atri, Mavcomm Consulting, +91 9811714871, n.atri@mavcommgroup.com

KEYWORDS
CONSUMER, MARKETING, BUSINESS SERVICES, CONSTRUCTION, REAL ESTATE

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