Wadhwa Wise City to deliver 10,000 affordable homes

Around 300 acres of land are owned by Valuable Properties.

By Rohit Sharma

MUMBAI

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.

 





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