Uttar Pradesh reinstates Wave Group's lease for Noida commercial land

04 Nov 2024 CW Team

The state government reversed the Noida Authority's order from February 2021, which had canceled Wave Group's lease of 1.08 lakh square meters of prime commercial land in the heart of the city. The government emphasized that it was providing a "fair chance" to the company and highlighted the economic benefits and investment boost that allowing the project to proceed would bring to Noida.

The land had been allotted to Wave Mega City Centre in 2011 for its mixed land-use project in sectors 25A and 32. In an order dated August 25, the state government reinstated Wave's lease and introduced updated compliance requirements for the project.

In response to Noida's order, Wave approached the government with a revision plea, arguing that there were procedural flaws in the lease cancellation. The plea was filed under Section 41(3) of the Uttar Pradesh Urban Planning and Development Act, 1973, and Section 12 of the Industrial Area Development Act, 1976. A report was submitted by the Noida Authority on November 17, 2023, and a hearing took place on June 11 of this year before the final order was issued.

Under the revised terms, Wave's total dues of Rs 11.56 billion will be recalculated under the project settlement policy (PSP) framework, with guidance provided by a committee led by the chairman of the Greater Noida Industrial Development Authority. No interest or penalties will be applied to the portion of the land whose lease was scrapped during the cancellation period. However, until the developer fully complies with the revised terms, it will not be permitted to create third-party rights on the land.

Infrastructure Transport

01 Jun 2026

MMRDA advances 250 m on Orange Gate–Marine Drive tunnel

The Mumbai Metropolitan Region Development Authority (MMRDA) has completed 250 m of underground tunnelling for the Orange Gate–Marine Drive Urban Road Tunnel using India’s largest slurry shield tunnel boring machine (TBM) deployed for an urban road project.The project involves twin tunnels extending over 7 km beneath critical transport corridors, including Central Railway, Western Railway and Metro Line 3. The work requires high-precision engineering to navigate densely developed urban infrastructure.Once completed, the tunnel is expected to reduce travel time between Orange Gate and Marin..

Hindustan Zinc Pays Rs 188.46 Billion in FY26

Hindustan Zinc contributed Rs 188.46 billion to the public exchequer in FY 2025-26, according to its 9th Tax Transparency Report. The contribution, equivalent to 46 per cent of the company’s revenue, included direct and indirect taxes, government royalties, dividends to the Government of India, withholding taxes and other statutory levies.The company’s five-year cumulative contribution to the exchequer stood at Rs 915.72 billion. In FY26, Hindustan Zinc reported revenue of Rs 408.44 billion, EBITDA of Rs 221.62 billion and profit after tax of Rs 138.32 billion. It also achieved its highest..

World of Concrete India 2026 Opens in Mumbai

Informa Markets in India will host the 12th edition of World of Concrete India 2026 from 3–5 June 2026 at the Bombay Exhibition Centre, Mumbai. The specialised B2B exhibition will bring together manufacturers, suppliers, contractors, developers, architects, consultants, infrastructure companies, project leaders and government stakeholders.The event is expected to feature over 350 brands and more than 18,000 trade professionals. It will cover concrete and cement, dry mortar, precast technologies, formwork, construction chemicals, industrial and commercial flooring, scaffolding, safety solutio..