GFH Financial Group (GFH), based out of Bahrain has reported that its Indian subsidiary has started the first township project in the Navi Mumbai Airport Influence Notified Area (NAINA).
The affordable housing project at Panvel, under the name of Wadhwa Wise City, has been constructed in conjunction with The Wadhwa Group.
The Wise City will begin the first phase with up to 5,500 affordable homes in a joint venture between Whadwa Group and Valuable Properties, the Indian subsidiary of GFH.
GFH stated that the project has got potential market response and demand with more than 900 units vended during the pre-launch phase.
GFH mentioned that majority of the customers were first time home buyers and the project is anticipated to make Panvel the most sought-after region for affordable housing. Wise City will provide 1 and 2- bedroom apartments and the Wadhwa Group is planning to develop 138 acres in the first phase.
CEO of GFH, Hisham Alrayes stated, “We are delighted to announce the launch of this first-of-a-kind project that supports the Indian government’s mission of Housing for All.”The Government of Maharashtra is aggressively working to fulfil its target of 1 million affordable houses in the Mumbai Metropolitan Region by 2022 and we are proud to be playing a part in the achievement of this objective.”
Managing director of The Wadhwa Group, Navin Makhija mentioned, “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 is an initiative to support the Government’s mission to provide quality, affordable housing with the best of infrastructure, designs, construction quality, connectivity and price.”
As per the recent studies, there is a large need for affordable housing throughout metro cities in India where a great influx of people are seen coming in search of jobs and a better livelihood.
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