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Navin Makhija, General Manager, Wadhwa Group The Wadhwa Group announced on Friday that it was seeking 4 trillion rupees of revenue for its township integrated project in the area. reported influence of Navi Mumbai Airport (NAINA). The project extends over 138 acres and focuses on affordable housing. It will be developed jointly with the Gulf Finance House (GFH) based in Bahrain.
The project, with a total of 10,000 housing units, will be built in two phases, with about 5,000 units to be launched in the first phase. Of this total, 1,000 units will be donated to the city and the Industrial Development Corporation, which will make them available to the economically weaker sections of society. The project is being developed as part of the Pradhan Mantri Awas Yojana (Urban) program, according to which first-time home buyers are entitled to a subsidy of Rs 2.6 lakh.
Vrushank Mehta, vice president of the Wadhwa Group, said: Construction costs in the next two to three years is about Rs 1,300 crore. From this, PNB Housing Finance has already approved `650 crore. Piramal Housing Finance has committed Rs 250 base
The remaining capital required in the initial phase will be financed by internal regularisations. Over the next two or three months, we will also be looking at affordable equity funds to invest in the project, "said Mehta
Rs 8,600 per square foot for an apartment of studio type, and Rs 9,100 per square foot for a two-bedroom apartment.
Wadhwa plans to build 10,000 affordable housing units by 2022. After that, he will be able to move into bungalows and houses. villa style A Bloomberg report in 2011 indicated that GFH had spent $ 1 billion to purchase 1,250 acres and obtain permits and approvals as it planned to develop an integrated 400-acre logistics facility. its intention to create Energy City Navi Mumbai and Mumbai IT & Telecom City near Panvel.
However, these projects have failed to take off. Subsequently, GFH has been bound with Wadhwa Group p to build a township.
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