The project will be developed on a 13.33-acre land parcel at Wave City in Ghaziabad near Delhi-Meerut Expressway. The company had acquired the land parcel for Rs 400 crore.
RK Jain, ED, Wave City, Ghaziabad says, “Income tax deduction u/s 80-IB was available to developers for affordable housing. This facility was discontinued with effect from 1st April, 2008. Tax benefits should also be given to developers who are engaged in undertaking large scale urban development projects.