Panvel, Mumbai’s growth corridor, gets its first ITP
mumbai — Towards the mission of ‘Housing for All’, Devendra Fadnavis, Chief Minister of Maharashtra, on 28 June, inaugurated the first Integrated Township Project (ITP) in Naina (Navi Mumbai Airport Influence Notified Area) at Panvel.
Called as ‘Wadhwa Wise City’, this mega project, which qualifies for Pradhan Mantri Awas Yojana (Urban) Scheme, will open up 5,500 affordable homes and will be developed by one of Mumbai’s leading developers, The Wadhwa Group. The project has seen a huge re- sponse with 900 units sold during the pre-launch phase itself, out of 1,500 units that are currently opened for bookings. Most of the customers are first time home buyers and salaried-class who are applying for home loan. The project will make Panvel as the most sought after region for affordable housing.
‘Wadhwa Wise City’ will offer a unique proposition of efficient Studio, 1 & 2 BHK apartments that will be constructed in various phases. Out of the total land holding of 450 acres, The Wadhwa Group is planning to develop 138 acres. The project has got all the approvals for the first phase in place and mandatory Maha RERA registration for relevant buildings has been obtained.
The Wadhwa Group has entered into a JDA with Valuable Properties Pvt Ltd, an investment arm of FDIcompliant real estate fund.
Panvel already offers excellent railroad connectivity to the main city — Mumbai. Located close to Mumbai-Pune Expressway travelling to either Mumbai or Pune is quite convenient. Infrastructure Developments like the Navi Mumbai International Airport, Mumbai Trans-Harbour Link, Virar Alibaug Multi-Modal Corridor, etc are the factors driving the demand in this new growth corridor.
Commenting on the Government’s affordable housing focus, Navin Makhija, managing director, The Wadhwa Group, said: “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 Wadhwa Wise City is an initiative to support the government’s mission to provide quality affordable housing with the best of infrastructure, designs, construction quality, connectivity and the price.”