As a group, its better known for its massive liquor business handled by Ponty Chadha, but it is his son Manpreet Chadha, the joint managing director of Wave Infratech, the real estate arm of Chadha's Wave Group who is now coming out with an infrastructure foray.
This new win is centered around what is perhaps the most expensive real estate buy ever in India - a 152 acre plot in a prime location at Noida acquired for Rs 6,500 crore from the government last year.
In an interview to CNBC-TV18, Manpreet Chadha discussed his plans to raise PE funds as well as list the group's sugar business.
Wave Infratech, had last year, won the 152-acre Noida land in an open auction for Rs 6,500 crore wherein it outbid developers Amrapali and The 3C Company. Below is an edited transcript of his interview. Watch the accompanying video for more. Q: Take us through how you won that prime land in Noida?
A: Last year, this land came up for auction and we won it in competitive bidding. The total bidding price was Rs 6,500 crore, which has to be paid over a 10-year period including interest as well and we have already paid part of the payment that was due and we will be making subsequent payments as they become due. Q: What kind of development is going to happen on this land?
A: For the first phase, which is due to be completed by January 2016, there will be a mall, few residential apartments, two office blocks and some high street owned condominiums. Q: How are you trying to ensure that this is not going to be one of those projects which are launched and then doesn
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