Noida authority cancels City Center allotment; Wave calls action illegal

Noida, March 10 : In a major action, the Noida Authority on Wednesday has withdrawn land from the Wave Group and a team of authority officers reached the Wave City Center and took possession of the land.
Noida Authority withdrew the land allotment from the group’s Noida City Center. On Wednesday afternoon, a team of authority officers reached the Wave City Center and took possession of the land.
A Wave group spokesperson said, “Noida authority’s high-handed action is an illegal act that will cause a massive loss to all the stakeholders, including the buyers. For reasons best known to them, the Noida Authority is acting against settled norms and its own PSP. We believe that we have a strong case. We are in the process of taking appropriate legal recourse against Noida Authority so as to protect the interest of all the stakeholders”.
It is learnt that he Wave Group was not paying the dues to the Noida authority. The company had returned the land to the authority to avoid being a defaulter.
On Wednesday, after a long 6 month process, the authority has acquired possession of the withdrawn land.
On this land, the authority will bring schemes of commercial real estate, hotels, residential complexes and mini malls.