Wadhwa Wise City To Deliver 10,000 Affordable Homes

The Wadhwa Wise City a project by The Wadhwa Group is going to deliver around 10,000 affordable homes and it will also hand over 1,000 units to the government, an official said.

“The project will offer a unique proposition of efficient Studio, 1 & 2 BHK apartments that will be constructed in various phases. Out of the total land holding of 450 acres, The Wadhwa Group is planning to develop 138 acres”, the release said.

The Wadhwa Group has entered into a JDA with Valuable Properties Pvt Ltd, an investment arm of Bahrain based Gulf Finance House (GFH) for the project.

According to the source, the development is done by The Wadhwa Group for some land parcels which are owned by Valuable Properties Pvt. Ltd and around 300 acres of land is owned by Valuable Properties.

In a conference meet on Friday for the first integrated township in NAINA (Panvel) under PMAY (U), Vijay Wadhwa, Chairman, The Wadhwa Group said, “Today developers who are making affordable houses are not focusing on a plan. The developer now a day’s decrease the ticket size, carpet area size but doesn’t lower the rate.”

He further added that instead of slashing the prize, reducing the margin, they compromise on plans.

The home buyer should focus on planning, connectivity and track record of the developer, he said.

Towards the mission of ‘Housing for All’, the Government of Maharashtra is aggressively working to fulfil its target of 10 lakh affordable houses in Mumbai Metropolitan Region by 2022.

Devendra Fadnavis, Chief Minister of Maharashtra on Thursday, inaugurated the first Integrated Township Project in NAINA (Navi Mumbai Airport Influence Notified Area) at Panvel which will qualify for Pradhan Mantri Awas Yojana (Urban) Scheme, will open up 5500 affordable homes and will be developed, release said.

The project saw a huge response with 900 units sold during the pre-launch phase itself, out of 1500 units that are currently opened for bookings.

Most of the customers are first time home buyers and salaried – class who are applying for home loan and project will be completed in 4 years.

Devendra Fadnavis, Chief Minister Of Maharashtra said, “With this launch, an affordable housing stock is being made available at the Wise city. The project has considered all amenities required for the common citizens and the township will be wise and smarter. With this, more developers will come to this belt.”

CIDCO has planned to develop a business park on land parcel area near the townships, Wadhwa said.

According to research showed by The Wadhwa Group, the 900 customers who booked their flats in a pre-launch sale are salaried profession around 75-80% and 55% are under the age of 40.

Panvel is connected to both, the central and western lines, it is also known as the gateway to the Konkan region, easing commute to the other states of India. Located close to Mumbai-Pune Expressway and the Sion-Panvel Expressway, travelling to either Mumbai or Pune is quite convenient. Infrastructure Developments like the Navi Mumbai International Airport, Mumbai Trans – Harbour Link, Virar Alibaug Multi-Modal Corridor, etc are the factors driving the demand for the residential and commercial real estate in this new growth corridor.

According to recent studies, there is a huge need for affordable housing across metro cities where we see a large influx of people coming, in search of jobs and a better livelihood. Supporting the economic upliftment of the region, Wadhwa Wise City is expected to create 2.5 lakh jobs at various levels.

Source: Accommodation Times

The Wadhwa Group Eyes Rs 4,000 Crore Revenue From First Phase of Panvel Project

Real estate firm The Wadhwa group is eyeing Rs 4,000 crore revenue from the first phase of its 450-acre integrated township project in Panvel, Navi Mumbai, a top company official said.

The first phase of the project named ‘Wadhwa Wise City’, being developed on 138 acres under the Pradhan Mantri Awas Yojna (PMAY), will house 23 residential towers offering a total of 10,000 affordable homes, along with commercial and social infrastructure developments.

Navin Makhija, managing director, Wadhwa group, said the first phase is expected to be completed in the next seven to eight years.

“We currently have started work on the initial phase of this project where we will be creating 5,500 units, which will be completed in the next three to four years,” he said, adding, “We are expecting Rs 4,000 crore revenues once this entire project on the 138 acres is completed.”

The city-based company has tied up with Piramal Finance and PNB Housing for funding this project.

Makhija said Piramal Finance has invested close to Rs 125 crore and will further invest around Rs 250 crore.

“We also have received a sanction of Rs 650 crore from PNB Housing, out of which they have already invested Rs 350 crore,” he added.

The company claimed to have sold 900 units in the pre-launch phase so far.

Source: My Real Estate Point

NAINA's First Integrated Township To Provide Affordable Homes

On Thursday, Chief Minister Devendra Fadanvis launched the first integrated township project in NAINA (Navi Mumbai Airport Influence Notified Area) at Panvel. The project that comprises of a total 10,000 homes being and will be built by The Wadhwa Group will also have 1,000 homes that will be given to the state government.

The mega project named 'Wadhwa Wise City' will qualify for Pradhan Mantri Awas Yojana (Urban) Scheme, and will offer 5500 affordable homes in the first phase. The developer claims that he has already sold 900 units during the pre-launch.

The project will have studio, 1 and 2 BHK apartments that will be constructed in various phases. Out of the total land holding of 450 acres, The Wadhwa Group is planning to develop 138 acres. The project has got all the approvals for the first phase – location clearance under ITP, letter of intent (LOI) under ITP, Environmental Clearance for the Township, as well as, CC for building phase 1. The mandatory MahaRERA registration for relevant buildings has also been obtained.

The government has made it mandatory that certain layouts will have to keep a portion of the housing stock under the integrated township plan for inclusive housing. The developer claims that the 1000 homes going to the government will be from this category. The homes will be then sold by the government for the affordable segment.

Source: DNA India

A Guide to Buy Your New Home

The real estate sector in Mumbai has emerged as one of the most trusted and reliable investment option. The global economy, higher loan interest rate and inflation rate make share market and banks a risky pillar, whereas the real estate remain steady and it shows continuous improvement. When it comes to investing in property market choose a right location and the right property for assuring return.
 

The rate of property is high all over India but there are places, especially Mumbai, where the price of real estate is always in rise mode. Whether you want to invest in residential or looking for commercial property available to lease the city offer an immense alternative to the customers. The real estate developers offer great opportunity to its investors.
 

Investing in a home in Mumbai can be a big advantage. 

Let us look at the scenario of market in Mumbai:
 

Suppose, if the current price of the house 80 lacs, rent for the same House is Rs. 16,000. IRR of the property value is 14% (The price appreciation per year.) For housing loan of Rs. 80,00,000 @ 10% over a 20-year tenure, EMI comes at Rs. 77,000 per month.
 

Now, if you plan to buy a house in Mumbai, you will pay Emi of Rs. 77,000 per month for the next 20 years. At the end of 20 years, the property will be worth around 10 crores at 14% per annum growth! So, if the property grows at 10%, it will be worth 5.8 crores. Hence, if you invest today, you are most likely to get the benefits of it.
 

So, if you are also keen on buying a new project in Mumbai, then this should be your checklist.
 

1. Remember that you should be cautious when you are taking part in an auction. Even though this is a very common way to buy a foreclosed property, that doesn't mean that you shouldn't do your homework. Before the auction you should go and look at the property in person, to see what kinds of repairs are required. You also need to make certain that the title is clear, otherwise you may find that you are paying more than you expected.
 

2. Once you are familiar with the whole foreclosure process, and you are comfortable with buying, renting or leasing, or reselling foreclosed properties, it's a good idea to have more than one foreclosure deal going at once. With multiple foreclosure properties, you will find that you have a good flow of cash coming in each month, and you don't have to depend on one lease or sale of a single property.
 

3. Make wise decisions. If you want to update parts of the house, the greatest returns on your investment will come when you update bathrooms and kitchens.
 

4. Target the right localities. As a homebuyer, do sufficient research to come up with an exhaustive list of locations that match your ideal buying criteria.