The scenario for low cost housing is all set to change with developers now ready to encash the market of approximately 3 million homes in this segment and make affordable housing a dream come true.
Taking a step in that direction, a real estate developer has set his eyes on over 100 acres of land in the serene villages of Akruli and Shirse at Karjat, and is all geared up to construct a residential township called the Tanaji Malusure city (TMC).
A house in this project will cost you approximately between Rs3 lakh to 7 lakh at the rate of 999/- per sq ft. A joint venture between Sterling Construction Systems (SCS) and Eredene Capital Plc, a UK-based venture capital fund, which has given Rs100 crore to the project, that will have over 10,000 flats admeasuring 300 to 500 sq ft flats at Karjat.
Separated by the River Ulhas, and just a few hundred meters away from the Karjat station, the township will house approximately 60,000 people and will have all the required amenities like schools, multiplexes, malls, and hospitals. The first phase of 2,500 flats is scheduled to be completed in January 2009.
Pravin Banavalikar, group managing director of Great Maratha Corporation, who owns the construction company, said, “It is no charity scheme. To make the project viable, we would subsidise the low-cost housing by selling the commercial component at a market rate of Rs3,000 a sq ft.”
“Only affordability is an issue. If there is a township which offers affordable housing and social amenities, they will not mind travelling one and a half hour to a home where which does not have cramped interiors, but a separate living and a bed room,” he said.
“I wish to show that it is possible to construct affordable housing by using innovative construction technology that minimises skilled inputs and delivers results at affordable rates. Flats would be ready for occupation within 90 to 120 days,” Banavalikar added.
“We would further sell the flats only on lottery and not allotment to prevent speculators from entering the market,” said Banavalikar.
