Maharashtra Chief Minister Devendra Fadnavis inaugurated Wadhwa Wise City, first Integrated Township Project at Panvel, near Mumbai, of the Wadhwa Group
named “Wadhwa Wise City” – an affordable housing mega project - under the Prime
Minister’s Awas Yojana (PMAY) Urban Scheme. The project, which is situated in
NAINA (Navi Mumbai Airport Influence Notified Area), will provide 5,500
affordable homes alongside creating 2.5 lakh related jobs, and has witnessed
massive response with 900 units being sold in the pre-launch Phase I itself.
Fadnavis said that the Maharashtra Government, as part of
its mission of “Housing for All,” is aggressively working towards fulfilling
its target of providing 10 lakh affordable houses in Mumbai Metropolitan Region
by 2022 – and the Wadhwa Housing project is one of the developers helping in
promoting the Government’s efforts. “I met the CEO of the World Bank in the USA
and submitted a proposal which was approved. The Wadhwa Group’s Affordable
Housing Project at Panvel will help decongest Mumbai, and I hope we get more
such developers for providing affordable housing,” he added.
Noting that the Group has entered into a “JDA’ with the
“Valuable Properties Pvt Ltd” - a subsidiary of the Bahrain-based Gulf Finance
House (GFH) – and is planning to develop 138 acres out of its 450 acres area,
Vijay Wadhwa, Chairman, Wadhwa Group, said that with all Phase I clearances
completed including environmental and the mandatory Maha Rera, the project will
offer Efficient Studio, 1, 2 and 3 BHK apartments - whose present 900 buyers
included first-time home buyers and 70-80% salaried class being under 40 years
of age and applying for home loan.”
“Connectivity is the ‘brand ambassador’ for this project - where Panvel offers excellent railroad connectivity to main city Mumbai,
besides also being the “Gateway” to the Konkan Coast region and easing commute
to other states in India. However, infrastructure developments like the
upcoming Navi Mumbai International Airport, Mumbai Trans-Harbour Link, Virar
Alibaug Multi-Modal Corridor etc are the factors driving demand for residential
and commercial real estate in this ‘New Growth Corridor,” Wadhwa said, adding
that recent studies highlighted the huge need for affordable housing across
metro cities to meet the needs of the large influx of people coming in search
of jobs and better livelihood.
Navin Makhija, Managing Director, Wadhwa Group, said that
Panvel, as the most advanced infrastructure hub of India, was set to highlight
itself as India’s classic example of an affordable housing hub – with the
Government’s added focus on the region.
Gurudatta Deshmukh, Vice-President, Wadhwa Group, told this
correspondent that the project will be constructed in various Phases with the
first Phase set for completion in about four years, and the total project in
about 8-9 years. With 100+ ‘Iconic’ projects under its belt, the Group’s search
for diversification had led it into the ‘Affordable Housing’ segment that has
been caused by demographic changes, he said adding “This is the largest such
project by the private sector in India, and also the first Integrated Township
of its kind.”
Source: The Financial World
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