Wave Group plans to develop an affordable housing project at Ghaziabad in Uttar Pradesh.
The company will invest Rs 500 crore to build up the project. It will develop about 3,500 flats in the phase I of the project, which is part of a 4,500-acre integrated township. It has earmarked 25 acre for the purpose. Phase I is expected to be completed by 2017. The project will be funded through internal accruals and bank debt. Currently the company has acquired about 3,200 acre out of proposed 4,500 acre township.
Besides, Wave Infratech is also developing 152-acre project in Noida on the land it had obtained through an auction for about Rs 6,500 crore. It has project in Mohali as well.