Wave City, NH-24 Ghaziabad - Thetalkingbrick

The project of  Wave Infratech
Size: 135/194/287sq yards

Basic Sale Price: Rs.25,000/sq yards

Expected Possession: Hurry up! The site will be ready soon if brokers are to be believed.
Possession date on official website: Not available
Possession date on other real estate websites: By 2013 (approx.)
Possession date as per people working on the actual project site:Not Known
Possession date as per the broker: January 2013

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The Talking Brick went to the actual project site on the 1st of October to enquire and collect information about the Wave City NH-24. The information collected by us is listed below:

1. The project will spread across 4600 acres of land but at present, only 1600 acres of land has been registered and the other 3000 acres is still on agreement. The entire land belongs to the owner of Wave Infratech Mr. Monty Chaddha as per the 2006 Hi-Tech land acquisition law. See the exclusive image below:

http://thetalkingbrick.com/blog/wp-content/uploads/2012/10/Wave-City-NH-24-Land-.jpeg

3. The project site has three entry points but right now only one Meharuli village is available for use. It is so because the villagers are yet to receive the compensation. (Exclusive photo link below) as no construction work has started there as of now.

http://thetalkingbrick.com/blog/wp-content/uploads/2012/10/Wave-City-NH-24-Entry.jpeg

4. Since the villagers haven’t yet received the compensation from the developer, they are using the land for agricultural purposes.

5. Interestingly, Mr. Monty Chaddha will pay the compensation to the farmers and will in turn claim it from the Government.

6. The project is divided into three-phase development plan. But the 1st phase of the project will be ready for possession in January 2013 according to the broker. However, no information is available on the official project website regarding the date of possession.

Connectivity

The project is 3kms away from the proposed Eastern Peripheral Road that will connect to Dadri & Palwal in Haryana via Jaypee Sports City.

Distance of project site from key landmarks:
NH-24 (1/2 km)
Noida Extension (5km)
Lal Kuan (2km)
Ghaziabad city (5km)
Kavi Nagar, Ghaziabad (4km)
Hapur (33km)
Asia Columbia Hospital
Akshardham Temple (25km)
India Gate (30km)
Indraprastha Park (27 km)

The site is located on a 45meters road that is 1/2km from the NH-24 and connects to Meharuli village, which is 1km from the site. Transportation is readily available on NH-24 till Meharuli village thus, the site is highly approachable.

On-site View

The site faces Golf Link Apartments in the opposite direction. At present, only electricity polls and sewer lines have been laid down till the sector-1 site. Then entire land area is covered with pillars and barbed with wires. Since, a certain amount of the dues with respect to compensation still lies with the owner, the villagers are using the land for agricultural purposes.

Although the site enjoys 3-face entry from NH-24 but at present only one entry from Meharuli village is available for commuting. The other two entry points are still occupied by the villagers who are awaiting the compensation for selling their piece of land.

As the entire land area is quite huge and belongs to numerous people, it’ll take lot of time before the entire agreement is converted into the registry.

Issues related to the project

According to one of the brokers, the remaining 3,000 acres of land will be acquired as per the 2006 Hi-Tech Land Acquisition Law according to which, the land is approved by GDA and it can only be registered in the name of the Wave Infratech owner Mr. Monty Chaddha.

Interestingly, Mr. Monty Chaddha will pay the compensation to the farmer and will in turn claim it from the Government.

The sectors-5 and 6 has a village named Kachalla nearby them.

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Plot Size

As per the info available from the broker, the project will spread over 4600 acres of land, out of which for 1600 acres land, a registry has been obtained. On the other hand, the remaining 3000 acres is still on agreement according to him.

The project is divided into 3-phase plan including the development of plots, villas, schools, colleges, hospitals and major entertainment centers.

Plot Size: 135/194/287 Sq Yards

Prime Villas: 194sq yards (duplex as well as expandable)

The 135sq yards plot will have 7.5meters (front) x 15meters (back)=112.5meters i.e. 133 sq yards.

Appreciation

According to the broker, fresh plots are available at sector-15. Presently, sectors-3 and 4 are open for sale and the fresh booking for a 360sq yards plot as per one of the brokers, is Rs.22,000/sq yards = Rs.80lakhs. While according to the other broker, it’s Rs.25,000/sq yards with the 5% PLC.

As per the info available from one of the brokers who was present at the project site, the plots will be available in 35% white money and 65% black money.
135sq yards @Rs.18,500/sq yards (Rs.850/- = IDC +EDC)
287sq yards @Rs.20,000-23,000/sq yards
360sq yards @Rs.22,000/sq yards

The project will spread across 18 sectors in total and as per one of the brokers; fresh space is available in sector-15.

Expected Possession

Presently no information is available on the official project website regarding the date of possession.

However, the 1st phase of the project will be ready for possession in January 2013 according to the broker.