Realty developer Wadhwa Group has raised Rs 650 crore from PNB Housing Finance as construction finance for the first phase of its maiden affordable housing project spread over 138 acre in Panvel near Mumbai.
This is the first integrated project to be developed under the Navi Mumbai Airport Influence Notified Area (NAINA) and at least 15% of the project will be used for commercial development and social infrastructure. With this project, Wadhwa Group — known for its and commercial projects in Mumbai — is venturing into the affordable housing segment.
“Affordable housing is certainly a huge opportunity, given the current demand-supply mismatch. The government has been supporting this segment in a bid to achieve Housing For All, and ensuring that private sector also participates in taking this agenda further,” said Navin Makhija, MD, Wadhwa Group, while referring to the company’s foray into affordable housing.
He confirmed the company receiving sanction of construction finance facility worth Rs 650 crore from PNBNSE 1.52 % Housing Finance. An email query to PNB Housing Finance did not elicit any response till press-time.
The around 60-acre first phase of the project is estimated to cost Rs 1,200 crore and the company is looking to finance the project through internal accruals and customer advances apart from the funding by PNB Housing Finance.
The company has recently repaid debt worth Rs 300 crore that it had raised from a financial institution earlier to support the acquisition of the land for this project.