Construction major Larsen & Tourbo Ltd. has bagged a project for Rs.900 crore from Wave Group's realty arm Wave Infratech for construction of residential towers at Wave City Center in Noida during the first phase of the project.
Wave Infratech is developing a mixed-use project 'Wave City Center' spread across 152 acres, which the company had bagged through an auction for around Rs.6,500 crore.
The total size of the township is 40 million sq.ft. and of that 9.5 million sq.ft. will be constructed in the first phase.
L&T will soon commence construction of the first phase that is slated for delivery by 2016, sources said.
In the first phase, Wave would develop 1,400 flats, 900 studio apartments, 370 high street shop condominiums, two hotels comprising 400 rooms, a shopping mall having two million sq.ft. and 1.8 million sq.ft. of office space.
Recently, Wave Infratech gave a construction contract of Rs.282 crore to BE Billimoria & Co for commercial tower of Wave City Center.
Wave Infratech is developing other realty projects in Noida, Ghaziabad and Mohali. Wave Group is also engaged in sugar, liquor and entertainment businesses.
At the BSE, Larsen & Toubro closed Wednesday's trading at Rs.1,397.30, down 0.52 percent from the previous close.
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