NOIDA: After a decade-long impasse, the Noida Authority has successfully resolved issues surrounding prime land in the city. The land surrender and reallocation for the Wave Mega City Centre Pvt Ltd project has been finalized under UP’s project settlement policy.
Initially allocated 6.2 lakh sqm in sectors 25A and 32 in 2011 for the Mega City Centre project, the developer has surrendered 5 lakh sqm, retaining 1.2 lakh sqm with approvals from both the state government and the Authority’s board on September 26.
The Authority intends to utilize the reclaimed land for commercial development under a mixed-use category, instructing its planning department to create an integrated layout that connects the area with surrounding infrastructure.
The Mega City Centre project, featuring high-street stores and the Amore residential society, was anticipated to be one of the largest mixed-use developments in the city, including retail, offices, residences, hotels, and entertainment facilities. However, it soon encountered financial troubles and payment disputes, halting construction.
In February 2017, Wave applied under the project settlement policy (PSP) introduced by the UP government to revive stalled projects, seeking to retain over 1.6 lakh sqm of completed and fully paid plots while surrendering 4.6 lakh sqm to the Authority.
In 2021, the Authority canceled 1.1 lakh sqm for non-payment, taking possession within a month. Wave contested this cancellation under Section 41(3) of the UP Urban Planning and Development Act, claiming it breached PSP provisions. On August 25, 2024, the chief secretary and Industrial Development Commissioner reviewed the case and reversed the cancellation, restoring the lease.
The government ordered a recalculation of dues, instituting a 15% forfeiture on premiums paid while forming a committee to reassess remaining balances. No interest or penalties would apply on the surrendered portions beyond the surrender date.
The state’s decision aimed to enable Wave to complete viable portions of the project while fostering investor confidence and avoiding the establishment of third-party rights until dues were settled.
Last October, the Authority’s board authorized the appointment of independent auditors to reassess dues. The audit revealed Wave had disbursed Rs 1,469 crore, including Rs 650 crore in standard interest and Rs 109 crore in penal interest. After deductions and the 15% forfeiture, the eligible amount totaled Rs 1,156 crore.
In January, the Authority’s board approved the reallocation of 10,547 sqm to Wave in line with cleared dues during its 216th meeting. The developer received formal notification in March.
Under the final settlement, of the original 6.2 lakh sqm, 56,400 sqm—where construction is complete and a partial occupancy certificate was issued in 2019—remains with Wave. An additional 58,000 sqm, including the newly reallocated 10,500 sqm, is retained for future work under revised terms. The remaining 5.02 lakh sqm has been surrendered for redevelopment.
To confirm boundaries and availability, a joint survey by the planning, commercial, and works departments was conducted in August, clearing the way for the execution of the surrender deed on September 26. Following this, Wave was requested to finalize a tripartite sub-lease for the completed 56,400 sqm after settling rent dues up to September 2025.
Officials stated that the finance department will oversee an escrow account for pending payments, while the planning department will revise the layout for Sectors 25A and 32 to incorporate the surrendered land.
