The Ponty
Chadha owned Wave Infratech is set to develop a 152-acre mixed use project in
Noida, the land for which was bagged in an auction last year.
Wave
Infratech is part of the Wave Group which has interests in sugar, liquor &
real estate.
Mr. Manpreet
Singh Chadha, Joint Managing Director, Wave Infratech said, ''The total
investment for the first phase is nearly Rs. 10,000 crore including the plot of
land cost, and we will raise it through a mix of internal accrual, debt &
private equity funding”
The Wave
Infratech has appointed IDFC to raise debt and is in talks with banks.
Mr.Manpreet
Singh Chadha said, ''The first phase development of 95 lakh square feet is
slated to be delivered by 2016."
The
project will include housing units (flats), studio apartments, high street shop
condominiums, hotels & shopping malls besides office complex. The project
will have hotels with 2,500 rooms.
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