Wadhwa eyes Rs4,000 crore revenue from 1st phase of Panvel project
The first phase of the Panvel project named ‘Wise City’, being developed under PMAY, will house 23 residential towers along with commercial and social infrastructure developments
Mumbai: Real estate firm Wadhwa group is eyeing Rs4,000 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 ‘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 Rs4,000 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 Rs125 crore and will further invest around Rs250 crore.
“We also have received a sanction of Rs 650 crore from PNB Housing, out of which they have already invested Rs350 crore,” he added. The company claimed to have sold 900 units in the pre-launch phase so far.
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