Wadhwa realtor bets big on 450-acre Navi Mumbai townships

The country’s real estate building major, Wadhwa Group is eyeing revenue worth ₹4,000 crore from the first phase of its 450-acre integrated township project under the Navi Mumbai Airport Influence Notified Area (NAINA) in Panvel, Mumbai, said MD, Navin Makhija, claiming that the first phase of the integrated project to be developed under the NAINA, a proposed 500 sq.km city will consist of hubs for agro-farming, education, trade, services, information technology and healthcare. The City and Industrial Development Corporation of Maharashtra (CIDCO) is the planning authority for this zone and the company has already started work on the initial phase of this project where it will be building 5,500 units, which will be completed in the next three to four years. The company claimed to have sold 900 units in the pre-launch phase in the first phase of the project Wise City being developed on 138 acres under the Pradhan Mantri Awas Yojna (PMAY) housing 23 residential towers offering a total of 10,000 affordable homes, along with commercial and social infrastructure developments. The first phase is expected to be completed over the next seven to eight years. For this project, the company has received a sanction of ₹650 crore from PNB Housing.