- The project will be under PMAY and will be developed by The Wadhwa Group
- Around 900 units sold in the pre-launch phase
CM Devendra Fadnavis inaugurated the ‘Wadhwa Wise City‘, an affordable housing project
Towards the mission of ‘Housing for All’, the Government of Maharashtra is aggressively working to fulfill its target of 10 lakh affordable houses in Mumbai Metropolitan Region by 2022. With a view to support this initiative, Shri Devendra Fadnavis, Chief Minister of Maharashtra, yesterday, inaugurated the first Integrated Township Project in NAINA (Navi Mumbai Airport Influence Notified Area) at Panvel. Called as ‘Wadhwa Wise City’, this mega project, which will qualify for Pradhan Mantri Awas Yojana (Urban) Scheme, will open up 5500 affordable homes and will be developed by one of Mumbai’s leading developers, The Wadhwa Group. 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. The project will make Panvel as the most sought-after region for affordable housing.
Inaugurating the affordable housing project, Shri Devendra Fadnavis, Chief Minister Of Maharashtra said, “In Panvel, the most coveted township ‘Wadhwa Wise City’ is launched. 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.”
‘Wadhwa Wise City’ 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 project has got all the approvals for the first phase in place – location clearance under ITP, Letter of intent (LOI) under ITP, Environmental Clearance for the Township, as well as, the buildings under Phase 1 along with the building CC for Phase 1 building. The mandatory Maha RERA registration for relevant buildings has been obtained. The Wadhwa Group has entered into a JDA with Valuable Properties Pvt Ltd, an investment arm of FDI compliant real estate fund.
The project will add one more reason for infrastructure development to the city of Panvel which already offers excellent railroad connectivity to the main city—Mumbai. 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.
Commenting on the Government’s affordable housing focus, Mr. Navin Makhija, Managing Director, The Wadhwa Group said, “The Government’s impetus through the PMAY Scheme is helping accomplish the Housing for All vision for people intending to reside in and around Mumbai. Panvel, the most advanced infrastructure hub of India, is set to become India’s classic example of an affordable housing hub with the Government’s added focus on the region. Our project Wadhwa Wise City is an initiative to support the Government’s mission to provide quality affordable housing with the best of infrastructure, designs, construction quality, connectivity and the price.”
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.