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 and real estate. “The total investment for the first phase is about Rs 10,000 crore including the land cost, and we will raise it through a mix of internal accrual, debt and private equity funding,” said Manpreet Singh Chadha, Joint Managing Director, Wave Infratech.
The company has appointed IDFC to raise debt and is in talks with banks. The company unveiled the interactive model of the project on Friday.
Chadha said the first phase development of 9.5 million sq ft is slated to be delivered by 2016. The project will include housing units, studio apartments, high street shop condominiums, hotels and shopping malls besides office complex. The project will have hotels with 2,500 rooms.