Patriarch gone, fate of projects hangs in balance
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Industry experts believe the fate of upcoming and ongoing projects will depend on who inherits the business empire
With the patriarch of Wave Inc. murdered on Saturday, the market is rife with speculations about the successor of the business.
With dozens of projects in progress in Noida, Ghaziabad and other parts of the country, the murder of Ponty Chadha has made the fate of these projects uncertain.
Industry experts believe the fate of upcoming and ongoing projects of the group will depend on who inherits the business empire.
"Everyone knows that land and other facilities for Chadha's projects have been extended because of his relations with politicians. It was he who was face of the Chadha or Wave group. He had a knack for making profits out of barren land. With him gone, his successor will decide what will happen to these projects," a senior bureaucrat of Uttar Pradesh said.
The City Centre Noida project is one such which now looks at an uncertain future. In one of the country' s biggest revenue collected for auction of private-commercial land, the Noida Authority received Rs 367 crore as stamp duty.
On March 11, 2011, the authority floated the financial bid for the City Centre project spread across 6,18,952.75 sqm comprising sectors 32 and 25 A. The change in government has made the future of the project uncertain.
The other upcoming projects are Silver Towers located in Sector 18. It is combination of office and retail space.
Wave has a few other projects in Noida Sector 18 such as Wave One, the 41-storey commercial space.