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Wadhwa Group to invest Rs 2,200 crore in Panvel township's first two phases

The company has sold 1,500 units In the first phase of the project.
Realty developer Wadhwa Group is planning to invest Rs 2,200 crore in the first two phases of its integrated township project Wadhwa Wise City spread over 450 acres in Panvel near Mumbai.

GFH, a Bahrain based financial investment Group and the developer are jointly developing the township that will be the first integrated township project in Navi Mumbai Airport Influence Notified Area (NAINA), the company said in a release.

The company is planning to develop the entire 450-acre project in five phases with total investment of Rs 6,000 crore in 10-12 years.

The developer expects revenues from these phases of the project to be around Rs 3,200 crores. Out of the total land holding of over 450 acres, Wadhwa is planning to develop 138 acres that comprises of 10 million sq ft of overall development.

Out of the total proposed development, the company has launched apartment and bungalow project of over 40 acres in the second phase. The company has sold 1,500 units In the first phase of the project.

The project planned in different phases will be completed in a span of about 5-7 years and will comprise of IT parks, retail mall, hospitals and school, etc. Of this, the Wadhwa Group is developing offices and IT parks on 14 acres.
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