Wadhwa Group raises Rs 650 crore for affordable housing project
Wadhwa Group, the leading realty developer has raised Rs 650 crore from PNB Housing Finance as construction finance for the first phase of its maiden affordable housing project spread over 138 acre in Panvel near Mumbai.
It is to be the first integrated project to be developed under the Navi Mumbai Airport Influence Notified Area (NAINA). It is said that 15% of the project will be used for commercial development and social infrastructure. Wadhwa Group known for its premium residential and commercial projects in Mumbai looks all set to venture into the affordable housing segment.
The 60-acre first phase of the project is estimated to cost Rs 1,200 crore and the company is looking to finance the project through internal accruals and customer advances apart from the funding by PNB Housing Finance. Wadhwa Group owns 450 acres land in around the project’s location and from it the company has received approval for development on 138 acres from the authorities.
Wadhwa is looking to develop affordable housing which has been attracting a lot of attention with total 5,500 apartments in the first phase of the project spread over 4 million sq ft.