Ensuring sufficient funds for its realty project developer Wadhwa Group has generated ₹650 crore from PNB Housing Finance for the first phase of its maiden affordable housing project spread over 138 acre in Panvel near Mumbai. This is the first integrated project to be developed under the Navi Mumbai Airport Influence Notified Area (NAINA) and at least 15% of the project will be used for commercial development and social infrastructure. With this project, Wadhwa Group -- known for its premium residential and commercial projects in Mumbai -- is venturing into the affordable housing as the segment is certainly a huge opportunity, given the current demand-supply mismatch. The government has been supporting this segment in a bid to achieve Housing For All, and ensuring that private sector also participates in taking this agenda further, said MD, Navin Makhija, adding that the 60-acre first phase of the project is estimated to cost ₹1,200 crore and the company is looking to finance the project through internal accruals and customer advances apart from the funding by PNB Housing Finance.
