Real estate firm The Wadhwa group is eyeing Rs 4,000 Crore
revenue from the first phase of its 450-acre integrated township project in
Panvel, Navi Mumbai, a top company official said.
The first phase of
the project named ‘Wadhwa Wise City’, being developed on 138 acres under the Pradhan
Mantri Awas Yojna (PMAY), will house 23 residential towers offering a total of
10,000 affordable homes, along with commercial and social infrastructure
developments.
Navin Makhija,
managing director, Wadhwa group, said the first phase is expected to be
completed in the next seven to eight years.
“We currently have
started work on the initial phase of this project where we will be creating
5,500 units, which will be completed in the next three to four years,” he said,
adding, “We are expecting Rs 4,000 crore revenues once this entire project on
the 138 acres is completed.”
The city-based
company has tied up with Piramal Finance and PNB Housing for funding this
project.
Makhija said Piramal
Finance has invested close to Rs 125 crore and will further invest around Rs
250 crore.
“We also have
received a sanction of Rs 650 crore from PNB Housing, out of which they have
already invested Rs 350 crore,” he added.
The company claimed
to have sold 900 units in the pre-launch phase so far.
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