Wadhwa Group – the well-known realtor of Mumbai raises funding for their first affordable housing project in Panvel. The developer firm raised Rupees 650 Crores from PNB Housing Finance as to commence work on their debut affordable project which covers 138 acres of land.
The Wadhwa group is best known for developing premium residential and commercial spaces is stepping in the affordable housing segment with this project which is located in the NAINA [Navi Mumbai Airport Influence Notified Area] region. Also, this is the maiden integrated project here in Panvel where the minimum of 15 percent land will be used for commercial and social infrastructure development.
A senior official of the Wadhwa group was quoted saying that the affordable housing sector has emerged suddenly with huge business opportunities as it paves way to create a balance between demand and supply which is witnessing huge gap. The official also said that the Government’s support in order to achieve the target of Housing for all by 2022 under affordable housing is a big positive blow.
The first phase of this affordable housing project is likely to incur Rs 1,200 crore and thus the company is looking to forward for more financial support from the Punjab National Bank apart from the current funding by PNB Housing Finance. Also, the Wadhwa group repaid their debt of Rs 300 crore which they raised from another financial institution in order to complete the land acquisition phase of this project.
The group owns 450 acres of land around the project’s location in Panvel but has received the approval for construction of 138 acres only from the authorities. According to the sources, the group plans to finish the first phase of the project in next 6 years in which a total of 5,500 apartments will be built. The construction work for the same is going to commence from next month. Apart from this, the group is planning to launch 2,000 apartments which will comprise of studio, one and two bedroom apartments.