Wadhwa eyes Rs 700 cr by selling bungalows in NAINA project

Realty player Wadhwa Group Thursday said it is aiming for revenues of Rs 700 crore through the sale of 250 bungalows at an upcoming project in the satellite city of Navi Mumbai. The group had already announced plans to build 10,000 units of affordable housing in 23 residential towers at the township in the NAINA area adjoining an upcoming airport and book revenues of Rs 4,000 crore from the same.

Its Managing Director Navin Makhija said the company sensed demand from the diaspora Indians due to which the independent bungalows was being added to the township, christened 'Wise City'. A bungalow will cost a minimum of Rs 1.8 crore and the company is offering configurations of the three and four-bed bungalows, he said.

"We are eying around Rs 600-700 crore of revenues from these independent bungalows," Makhija said. The company had announced first phase of the project last year and has already sold over 1,500 units of the affordable housing offerings, he said. Wadhwa Group along with its partner GFH, a Bahrain based financial investment group, owns 450 acres land at the location.