News: Noida: Waiting eight years for flats, Wave Megacity buyers hit the streets-04-04-2022
The protesters are among the 480 buyers – out of a total of 780 flats -- whose investments are stuck in the project that includes residential and commercial spaces in Sector 25A and Sector 32.
NOIDA: : Around 55 homebuyers of the Wave group’s Amore Apartment s in Noida on Saturday protested outside the premises of the project over a delay in the delivery of flats that were promised to them by 2014.
The protesters are among the 480 buyers – out of a total of 780 flats -- whose investments are stuck in the project that includes residential and commercial spaces in Sector 25A and Sector 32.
The Wave Megacity Centre was launched in 2011-12 and the developer promised possession by 2014.
The Wave Mega City Center (WMCC) Pvt Ltd filed a plea at the National Company Law Tribunal (NCLT) for insolvency in March 2021 – a measure opposed by the homebuyers.
The homebuyers said on Sunday their savings were stuck in the project.
“The actual booking cost of our flat is over Rs 1 crore. Most of the buyers are senior citizens who are relying on their pension and waiting for their own houses to live in. I booked this flat with my father who is no more. I work in a private company and live in rented accommodation. It’s mentally and financially exhausting to pay EMIs and rent. Buying a home is a one-time investment for any middle class family,” said Anshuman Jain, who had booked his flat in January 2012 and says he has paid 95% of the purchase amount.
Another homebuyer and one of the protesters, Ruchika, told TOI: “No one from the builder’s office meets us when we go to there. The builder has been cheating us from the past 10 years.”
A Wave official said the group cannot comment on the issue as the case was pending before NCLT.
“The Noida Authority's unreasonable demand had made the project completely unviable. The authority had also sealed the project, leaving no option for the company. Therefore, the company has gone to the NCLT to protect buyers' interests. Since the case is pending before NCLT, we will not be in a position to comment on this matter,” said a spokesperson.
The Noida authority took possession of close to 4.5 million sq ft of land in 2017, and in February 2021, cancelled the allotment of one million sq ft over Wave’s alleged failure to clear dues worth Rs 2,700 crore.
The homebuyers also met Noida MLA Pankaj Singh to discuss the issue on Sunday. The MLA assured them he will speak to the concerned officials in the Noida Authority to resolve the issue, they said.
