Real estate developer, The Wadhwa Group, has announced a large affordable housing township in the NAINA (Navi Mumbai Airport Influence Notified Area) region at Panvel with an initial investment of Rs. 4,000 crore. The project, the first in NAINA, will be spread across 450 acres and in the first phase, the company will develop 138 acres with over 10,000 apartments.
To begin with, the company has announced it will construct 3,000 apartments, of which 900 have been booked on the first day. Of the total 10,000 homes, 1,000 will be given to the government as housing for the economically weaker sections of society.
Chief Minister Devendra Fadnavis on Thursday inaugurated the project, which will provide affordable housing to citizens of the Mumbai Metropolitan Region (MMR). The State government has targeted building 10 lakh affordable houses in the MMR by 2022. Wadhwa Wise City qualifies for the Pradhan Mantri Awas Yojana (Urban) Scheme. Most people who have booked homes in this project are first-time home buyers from the salaried class. The project offers studio, one and two BHK apartments ranging from Rs. 25 lakh to Rs. 57 lakh.
Vijay V. Wadhwa, chairman, The Wadhwa Group, said, “The project has all approvals for the first phase, including location clearance, letter of intent, environmental clearance for the township and buildings. The mandatory Maha RERA registration has been obtained.” The group has entered into a joint development agreement with Valuable Properties Pvt Ltd, a subsidiary of Bahrain-based Gulf Finance House. The project will have access to railroad connectivity and is located close to Mumbai-Pune Expressway and the Sion-Panvel Expressway.
Infrastructure development such as the Navi Mumbai International Airport, Mumbai Trans Harbour Link, Virar Alibaug Multi-Modal Corridor are likely to drive up the demand for real estate in the region.
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