The first phase of the project named 'Wise City', being developed on 138 acres under the Pradhan Mantri Awas Yojna (PMAY), will house 23 residential towers offering a total of 10,000 affordable homes, along with commercial and social infrastructure developments.
Navin Makhija, managing director, Wadhwa group, said the first phase is expected to be completed in the next seven to eight years.
"We currently have started work on the initial phase of this project where we will be creating 5,500 units, which will be completed in the next three to four years," he said, adding, "We are expecting Rs 4,000 crore revenues once this entire project on the 138 acres is completed."
The city-based company has tied up with Piramal Finance and PNB Housing for funding this project. Makhija said Piramal Finance has invested close to Rs 125 crore and will further invest around Rs 250 crore.
The company claimed to have sold 900 units in the pre-launch phase so far.
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