Wave
Infrastructure today said it has paid about Rs 375 crore as stamp duty for
registration of about 151 acres of land in Noida, which the company had won in
the country’s biggest land deal for a whopping Rs 6,570 crore.
In March this
year, Wave Infrastructure had bagged 6.14 lakh sq meter plot for Rs 1.07 lakh
per sq meter at Sector-32 and 25A from Noida Development Authority, outbidding
real estate firms Amrapali and The 3C Company. “We have deposited about Rs 375
crore as stamp duty for registration of the land,” Wave City Executive Director
R K Jain told PTI.
He
said the registration process is expected to be completed by tomorrow. However,
it could not be ascertained whether the stamp duty paid by the company is an
all-time high. It is a mixed-use land where the company would develop housing,
commercial complexes, entertainment city and hotels. Jain said the company
would launch the project by end of this year but refused to share further
details saying that the project was in the planning stage. Besides real estate,
Wave Group is into entertainment, sugar, liquor and paper businesses.
In
2008, BPTP had bagged 95 acres of land in Noida for Rs 5,006 crore through an
auction, but the deal fell through as the company was unable to make the full
payment. However, the Noida Authority allotted some portion of land to BPTP,
equivalent to the amount paid by the company. Among other major land deals in
the national capital region, DLF –the country’s largest realty firm — had
bagged a 350-acre plot for Rs 1,750 crore in Gurgaon in 2009. DLF had acquired
38 acres in the heart of Delhi for Rs 1,675 crore in 2007, while Unitech had
won 340 acres in Noida at Rs 1,582 crore in 2006.
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