This article has been modified; please see the correction at the end
Within a week of the Uttar Pradesh Assembly election results, which saw the ouster of the Mayawati-led Bahujan Samaj Party regime in the state, Ponty Chadha’s real estate company, Wave Infratech, has made a mega project announcement.
Chadha is believed to be a Mayawati loyalist.
Addressing a media gathering in the capital, Manpreet Singh Chadha (known as Monty), joint managing director of the company and son of Ponty Chadha, on Tuesday announced the launch of a 152-acre township in Noida. While the residential units are priced at Rs 7,500 per sq ft, office space is pegged at Rs 7,500-8,0 per sq ft.
Monty said the family did not envisage any problems in their operations in Uttar Pradesh despite the Samaj-wadi Party coming into power, as they have “been in the business for four decades”. However, he said, “If there are any pressing issues, we will leave it to time.”
The company has spent Rs 6,500 crore on acquiring the project land, which it won in the bid last year, beating 3C and Amrapali. In the first phase, the estimated cost of construction would be around Rs 4,000 crore, which will be raised through internal accruals, bank funds and private equity. “Private equity will be our last option, we will first go for bank loans,” said the junior Chadha.
However, they did not give an estimate of the total cost of the project.
Wave Infratech is yet to get approvals for the project, but the company has already done a few bookings. “Yes, it is legally allowed to launch the project. We have submitted masterplan to the authorities,” said Chadha. The first phase of over 9.5 million sq ft will be delivered by 2016, and the entire project will take 12 to 13 years for completion.
CORRECTION
The per sq ft price for commercial and residential space were wrong. These have been corrected. The errors are regretted.
