MANAMA: Valuable Properties, the Indian subsidiary of Bahrain-based GFH Financial Group, has announced the launch of a mega housing project that it is jointly developing with Mumbai-based Wadhwa Group in India.
Called Wadhwa Wise City, the first integrated township project in Navi Mumbai Airport Influence Notified Area (Naina), Panvel in the western Indian state of Maharashtra will offer up to 5,500 affordable homes in phase one.
More than 900 studio, one- and two-bedroom apartments were sold during the pre-launch phase itself, with most customers being first-time home buyers.
Of the total land holdings of Valuable Properties, the Wadhwa Group is planning to develop 138 acres in the first phase of Wadhwa Wise City for which all approvals are in place.
“We are delighted to launch this first-of-a-kind project that supports the Indian government’s mission of housing for all,” said GFH chief executive Hisham Alrayes.
The project will qualify for the Indian government’s Pradhan Mantri Awas Yojana (Urban) Scheme and the inauguration of the project was presided over by Maharashtra Chief Minister Devendra Fadnavis.
“The Maharashtra government is working to fulfil its target of one million affordable houses in the Mumbai Metropolitan Region by 2022,” said Mr Fadnavis.
In addition to providing much needed housing, the project will also bring further infrastructure development to the city of Panvel, which already offers rail connectivity to Mumbai.
Infrastructure developments like the Navi Mumbai International Airport, Mumbai Trans-Harbour Link and the Virar Alibaug Multi-Modal Corridor, among others, are some of the factors driving demand for residential and commercial real estate in this new growth corridor. Wadhwa Group managing director Navin Makhija said the project was an initiative to support the government’s mission to provide quality, affordable housing with the best infrastructure, design, construction quality, connectivity and price.