After nearly a decade of legal and financial dispute, the Noida Authority has settled the long-pending land issue with Wave Mega City Centre Pvt Ltd.
Under the final deal, the developer will keep 1.2 lakh sq. metres of land and surrender 5 lakh sq. metres from the original 6.2 lakh sq. metres allotted in 2011. The surrendered land will be used by the Authority for commercial and mixed-use development.
The Wave Mega City Centre, once planned as a major mixed-use project with homes, offices, shops, and hotels, had been stuck for years due to payment delays and financial troubles.
The settlement, approved on September 26, follows Uttar Pradesh’s Project Settlement Policy, which allows stalled projects to surrender unviable portions and clear dues under revised terms.
Wave will now be allowed to complete the viable parts of the project, including areas where construction and occupancy are already in place. The Authority will replan the surrendered land to integrate it with surrounding sectors in Noida.
Officials say the move will help revive stalled development, protect investors’ interests, and open up prime land for new commercial projects in the city’s core.
