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Dalmia arm exits Wave Ghaziabad project

New Delhi, Oct. 31:

New Delhi-based real estate investment firm Landmark Holdings has exited its investment in Wave Group’s 4,500-acre Hi Tech City project in Ghaziabad, earning Rs 330 crore or three times the amount invested.

The Gaurav Dalmia-promoted company had invested Rs 111.26 crore in the Wave Group in 2007.

The first phase of the Ghaziabad project will comprise 20,000 dwelling units, of which, 4,000 are close to being delivered. The total project is in its final configuration and will have over 75,000 dwelling units.

Landmark is a subsidiary of OCL Ltd, flagship of Dalmia Group, which has interests in cement, refractory, industrial machines, computer software and travel.

The Wave Group, promoted by late Ponty Chadha, ventured into the affordable housing segment by launching Dream Homes at Wave City Ghaziabad, in the sub-Rs 14 lakh bracket.

Landmark has exited two more investments this year. Its investment in the ATS Group earned it a multiplier of 2.3 times on its investment. The other exit was from Shipra’s residential high-rise apartment development in Indirapuram, Ghaziabad, where Landmark earned 2.10 times its original investment of Rs 50.53 crore.

The company has other investments in prominent projects with developers such as Ansals, Wave, Parsvnath, Forum, Pioneer, ATS, Kumar Builders. It has invested in 25 projects as an equity or a quasi-equity investor.

By vayaM CS