Mumbai, Jun 29 (PTI) Real estate firm Wadhwa group is eyeing Rs 4,000 crore revenue from the first phase of its 450-acre integrated township project in Panvel, Navi Mumbai, a top company official said. Also Read - Relief For Real Estate: Noida Authority Slashes Interest Rates on Dues to Boost Pending Projects

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. Also Read - CREDAI Seeks Urgent Support For Realty Sector in Letter to PM Modi

Navin Makhija, managing director, Wadhwa group, said the first phase is expected to be completed in the next seven to eight years. Also Read - Real Estate Lost Rs 1 Lakh Crore so Far Amid Corona Crisis: NAREDCO

“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.

“We also have received a sanction of Rs 650 crore from PNB Housing, out of which they have already invested Rs 350 crore,” he added.

The company claimed to have sold 900 units in the pre-launch phase so far.

This is published unedited from the PTI feed.