Wadhwa group, the renowned firm is likely to make an investment of Rs. 2,200 crore in the first two phases of the Wadhwa group township in the Panvel location. This is an integrated township and covers 450-acres of land.
The Wadhwa group has a joint venture with GFH, a Bahrain-based financial investment Group is developing this township project in the Navi Mumbai Airport Influence Notified Area [NAINA], the company informed. The realty firm is also deciding to develop the whole project in 5 phases and this is estimated to cost Rs 6,000 crores. The project is likely to be completed in 10-12 years.
The developer is expected to generate nearly Rs. 3,200 crores from the phase-wise development of this integrated project. The Wadhwa group is also planning to construct 138 acres of the total land for overall development.
For the second phase, the company has planned development of apartment and bungalow units in more than 40 acres. The Wadhwa group has already sold 1,500 units in the first phase.
This phase-wise project is designed to have IT parks, retail mall, hospitals, school and more. On 14-acres land, the Wadhwa group is constructing offices and IT parks on 14 acres.