Wise City will open phase one with up to 5,500 affordable homes in a joint development between Whadwa Group and Valuable Properties
Bahrain-based GFH Financial Group (GFH) has announced that its Indian subsidiary has inaugurated the first township project in the Navi Mumbai Airport Influence Notified Area (NAINA).
The affordable housing project at Panvel, under the name of Wadhwa Wise City, has been developed in conjunction with The Wadhwa Group.
The Wise City will open phase one with up to 5,500 affordable homes in a joint development between Whadwa Group and Valuable Properties, the Indian subsidiary of GFH.
GFH said the project has received strong market response and demand with more than 900 units sold during the pre-launch phase.
Most customers were first time home buyers and the project is expected to make Panvel the most sought-after region for affordable housing, GFH added.
Wise City will offer 1 and 2- bedroom apartments and the Wadhwa Group is planning to develop 138 acres in the first phase.
Hisham Alrayes, CEO of GFH, said: “We are delighted to announce the launch of this first-of-a-kind project that supports the Indian government’s mission of Housing for All.
"The Government of Maharashtra is aggressively working to fulfil its target of 1 million affordable houses in the Mumbai Metropolitan Region by 2022 and we are proud to be playing a part in the achievement of this objective.”
Navin Makhija, managing director of The Wadhwa Group, added: “Panvel, the most advanced infrastructure hub of India, is set to become India's classic example of an affordable housing hub with the Government's added focus on the region. Our project is an initiative to support the Government's mission to provide quality, affordable housing with the best of infrastructure, designs, construction quality, connectivity and price.”
According to recent studies, there is a huge need for affordable housing across metro cities in India where a large influx of people are seen coming in search of jobs and a better livelihood.