MUMBAI: Realty developer Wadhwa Group is eyeing revenue worth Rs 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 near Mumbai, said a top official of the company.
This is the first integrated project to be developed under the NAINA, a proposed 500 sq km city that 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.
“We 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. We are expecting Rs 4,000 crore revenues once this entire project on the 138 acres is completed,” said Navin Makhija, MD, Wadhwa Group. The company claimed to have sold 900 units in the pre-launch phase so far.
The first phase of the project ‘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.
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 Rs 650 crore from PNB Housing, out of which Rs 350 crore has been drawn so far.