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Bahrain's GFH inaugurates affordable homes in Panvel, India

More than 900 units have been sold for the 55ha affordable housing community co-developed by Wadhwa Group

The integrated township in India's Panvel, Maharashtra will boast 10,000 homes upon completion and is being developed by a JV of Wadhwa Group and Bahrain's Dubai-listed GFH.
The integrated township in India's Panvel, Maharashtra will boast 10,000 homes upon completion and is being developed by a JV of Wadhwa Group and Bahrain's Dubai-listed GFH.

Bahrain's Gulf Financial House (GFH) has inaugurated Phase 1 of an affordable housing project called Wadhwa Wise City in India's Navi Mumbai Airport Influence Notified Area, also known as Naina. 

More than 5,500 homes are now available in the township project that was officially opened by the Dubai stock market-listed GFH's Indian subsidiary, Valuable Properties, and real estate developer Wadhwa Group from Mumbai.

Located in the Indian state of Maharashtra, the Bahraini-backed residential housing project comprises of studios, and one- and two-bedroom apartments that cover a total land area of more than 55ha within Phase 1.

READ: Bahrain's GFH receives conditional approval for $1bn property offer

More than 900 units of what is known locally as Wise City were sold during a pre-launch for the affordable housing community, with Phase 1 developed through a joint venture of Wadhwa and Valuable.

"Most customers were first time home buyers and the project is expected to make Panvel the most sought-after region for affordable housing," GFH said in a filing on the Dubai bourse.

Panvel is one of the areas that falls within Naina's jurisdiction.

A timeline for completion of the entire project was not disclosed.

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Construction Week - Issue 747
Aug 03, 2019