Out of the total land holding of over 450 acres, The Wadhwa Group is planning to develop 138 acres which comprises of 10mn sqft of overall development.
The Wadhwa Group is planning investments of Rs 2200 crores in the first two phases of Wadhwa Wise City. Estimated revenues from these phases of the first integrated township project in NAINA (Navi Mumbai Airport Influence Notified Area) at Panvel is Rs. 3200 crores. Out of the total land holding of over 450 acres, The Wadhwa Group is planning to develop 138 acres which comprises of 10mn sq.ft. of overall development. Wadhwa and GFH, a Bahrain based financial investment Group are jointly developing the township and have launched apartment and bungalow project of over 40 acres. After the inauguration by Chief Minister of Maharashtra Shri Devendra Fadnavis last year, the project saw a huge response with 1500 units sold during the launch phase itself.
The project which is planned in different phases will be completed in a span of about 5-7 years and will comprise of IT parks, mall, market, hospitals, school, etc. This mega residential township once completed will not just be a row of concrete structures, but an impeccable mix of green & grey to render a mega lifestyle for a healthier & holistic living. Spread across a vast verdant tract, this sprawling project will offer community living at its best via its meticulously planned spaces. The project will offer superior air quality, dedicated open spaces, and top class amenities to all its residents.
Shedding light on the second phase of Wadhwa Wise City, Navin Makhija, Managing Director, The Wadhwa Group said, “Panvel as a location is the most advanced infrastructure hub of India with world-class infrastructural developments coming up here. It has drawn a lot of attention from HNIs who are looking for an independent living in Mumbai. While the first phase of Wadhwa Wise City was an initiative to support the Government’s mission to provide quality affordable housing, the second phase would focus more on the independent living in a township that offers all facilities of a city in the vicinity. We are expecting about 2000 crores revenue from the second phase of the project including bungalows.”
The Wadhwa Group has also tied up with Father Agnel School to provide quality education at Wadhwa Wise City. Apart from the school, The Wadhwa Group is developing 40 acres of land under greens i.e. parks, playgrounds, etc. and 14 acres for offices, IT parks, etc
Panvel which already offers excellent railroad connectivity to the main city—Mumbai has proven to be the most sought after region for affordable housing. It is connected to both, the central and western lines, it is also known as the gateway to the Konkan region, easing the commute to the other states of India. Located close to Mumbai-Pune Expressway and the Sion-Panvel Expressway, travelling to either Mumbai or Pune is quite convenient.
Planned development and Infrastructure has been a major differentiator for the region compared to the other parts of the city. The commencement of the work of the infrastructure developments like the Navi Mumbai International Airport and the Mumbai Trans-Harbour Link are the factors that are driving the demand for residential and commercial real estate in this new growth corridor. The first pier of the ambitious Mumbai Trans Harbour Link was built at Sewri in May 2019 and 11 percent of the bridge construction work is completed so far. The project, which began in March 2017, has been divided into three packages and is expected to be complete by September 2022. The Navi Mumbai International Airport is likely to finish by mid 2020 and the operations are expected to start in 2023. JNPT is already on a major expansion drive, with some key projects already in the works like the mega fourth terminal, developing a centralized parking plaza, improving the port connecting roads and widening of highways and development of coastal berth. The Panvel Karjat local railway line has already started and the suburbanization of the track is underway. In recent times, the NAINA region has emerged as the hub of affordable housing due to comparatively lower prices, good road and railway connectivity and growing infrastructure.
According to recent studies, there is a huge demand for housing across metro cities where we see a large influx of people coming, in search of jobs and a better livelihood. Supporting the economic upliftment of the region, Wadhwa Wise City is expected to become a viable option for the homebuyers.