Mubasher: GFH Financial Group on Sunday inaugurated the first integrated township project in Navi Mumbai Airport Influence Notified Area (NAINA) at Panvel, under the name of Wadhwa Wise City.
The project was launched in collaboration with The Wadhwa Group, a regional leading developer in Maharashtra, India.
The first phase of The Wise City comprises 5,500 affordable homes in a joint development between Wadhwa Group and Valuable Properties Pvt Ltd, GFH’s Indian subsidiary, the Bahrain-based banking group said in a statement.
“The City has received strong market response and demand with more than 900 units sold during the pre-launch phase itself,” GFH revealed, highlighting that its project was likely to make Panvel “the most sought-after region for affordable housing.”
Of all Valuable Properties’ land holdings, The Wadhwa Group is planning to develop 138 acres as part of the first phase, the statement showed, indicating that all project approvals were in place.
“With this launch, an affordable housing stock is being made available at the Wise City. The project has considered all amenities required for common citizens and the township will be wiser and smarter. With this, more developers will come to this belt,” commented Shri Devendra Fadnavis, chief minister of Maharashtra, who presided over the inauguration.
Meanwhile, GFH CEO Hisham Alrayes described The Wise City project as “first-of-a-kind” which supports the Indian government’s mission of ‘Housing for All’.
He further revealed that the Maharashtra government was aggressively working to fulfil its target of 1 million affordable houses in the Mumbai Metropolitan Region by 2022, indicating that GFH was “proud” to play a part in the achievement of this objective.
“The Wadhwa Group expect[s] to deliver a high quality, affordable housing community that will enrich Panvel, Navi Mumbai, drive further development of the surrounding areas and benefit all of those that will reside there,” Alrayes said.