Wadhwa Wise City, NAINA’s first integrated township to provide affordable homes
On Thursday, Chief Minister Devendra Fadanvis launched the first integrated township project in NAINA (Navi Mumbai Airport Influence Notified Area) at Panvel. The project that comprises of a total 10,000 homes being and will be built by The Wadhwa Group will also have 1,000 homes that will be given to the state government.
The mega project named ‘Wadhwa Wise City’ will qualify for Pradhan Mantri Awas Yojana (Urban) Scheme, and will offer 5500 affordable homesin the first phase. The developer claims that he has already sold 900 units during the pre-launch.
The government has made it mandatory that certain layouts will have to keep a portion of the housing stock under the integrated township plan for inclusive housing. The developer claims that the 1000 homes going to the government will be from this category. The homes will be then sold by the government for the affordable segment.
The company, which is planning to complete the first phase of the project over the next 6 years, has already received approvals and is ready to start construction over the next one month.
Wadhwa is looking to develop total 5,500 apartments in the first phase of the project spread over 4 million sq ft. Of this, the company is planning to launch 2,000 apartments with configurations of studio, one and two bedroom apartments soon.
Affordable housing has been attracting a lot of attention from realty developers and financiers, and the pace of development is gaining momentum over the past few quarters. The governments decision to grant infrastructure status to affordable housing in the 2017 Union Budget has rejuvenated the interest in this segment in a significant way. The move is allowing developers of these projects get access to institutional funding with better terms.
More developers and established brands, hitherto associated with premium projects, have also ventured into this segment, while existing players are scaling up their plans. This is evident from the rise in the number of affordable housing project launches in over the past one year
