Less is more: Low-cost housing projects on the rise in Ahmedabad
The Hindu Business Line, May 9, 2009, Page 17
Virendra Pandit, Ahmedabad
Two days after Tata Housing Development Company announced their low-cost housing project in the price band of Rs 3.90-6.70 lakh, a leading property developer of Ahmedabad on Thursday offered a project of more than 1,000 flats, priced between Rs 3.50 lakh and Rs 5.25 lakh at the basic level, to be completed in the next 18 months.
The Omshantinagar-2 scheme, for low and middleincome groups, will be launched here on Sunday (May 10). In what is Gujarat's first low-cost housing project during the global economic recession, Santosh Associates is constructing these flats in the Vejalpur area, within the limits of Ahmedabad Municipal Corporation (AMC). The Tata Housing project, meanwhile, is some 100 km from Mumbai.
In fact, Santosh Associates has already sold around 1,600 flats, 90 per cent of them low-cost, in different projects developed in the city ever since its inception in 1996, Mr Taral Bakeri, Partner, told Business Line, on the sidelines of a press conference.
WORKING SPACE
The company has nearly one lakh square yards of land bank in Ahmedabad, mostly in labour-dominated areas, where it would be taking up more such projects. He said, although Santosh Associates had signed an MoU with the Gujarat Government during the Vibrant Gujarat Global Investors' Summit in January this year, proposing investment of Rs 70 crore for construction of 2,000 lowcost houses, the company would be actually investing around Rs 100 crore in the next couple of years. After the existing project at hand, Santosh would soon be taking up another 1,000-plus flats scheme, in the next few months, he said.
Ahmedabad, with a fivemillion population, can absorb around 25,000 low-cost houses a year; there is huge demand but inadequate supply, Mr Bakeri said.
The low-cost flats at Omshantinagar- 2 would comprise two rooms with a kitchen (58 square yards) and three rooms with kitchen (75 sq yards) in storeyedapartments.
The company has signed up with leading banks for housing loans. The project would have all the basic facilities such as roads, streetlights, local bus availability, markets, temples and hospitals within the developed area. It would also have safety features such as earthquake- resistant structures, underground water storage tanks and overhead tower, as also common plots for recreational activities for children.
The Hindu Business Line, May 9, 2009, Page 17
Virendra Pandit, Ahmedabad
Two days after Tata Housing Development Company announced their low-cost housing project in the price band of Rs 3.90-6.70 lakh, a leading property developer of Ahmedabad on Thursday offered a project of more than 1,000 flats, priced between Rs 3.50 lakh and Rs 5.25 lakh at the basic level, to be completed in the next 18 months.
The Omshantinagar-2 scheme, for low and middleincome groups, will be launched here on Sunday (May 10). In what is Gujarat's first low-cost housing project during the global economic recession, Santosh Associates is constructing these flats in the Vejalpur area, within the limits of Ahmedabad Municipal Corporation (AMC). The Tata Housing project, meanwhile, is some 100 km from Mumbai.
In fact, Santosh Associates has already sold around 1,600 flats, 90 per cent of them low-cost, in different projects developed in the city ever since its inception in 1996, Mr Taral Bakeri, Partner, told Business Line, on the sidelines of a press conference.
WORKING SPACE
The company has nearly one lakh square yards of land bank in Ahmedabad, mostly in labour-dominated areas, where it would be taking up more such projects. He said, although Santosh Associates had signed an MoU with the Gujarat Government during the Vibrant Gujarat Global Investors' Summit in January this year, proposing investment of Rs 70 crore for construction of 2,000 lowcost houses, the company would be actually investing around Rs 100 crore in the next couple of years. After the existing project at hand, Santosh would soon be taking up another 1,000-plus flats scheme, in the next few months, he said.
Ahmedabad, with a fivemillion population, can absorb around 25,000 low-cost houses a year; there is huge demand but inadequate supply, Mr Bakeri said.
The low-cost flats at Omshantinagar- 2 would comprise two rooms with a kitchen (58 square yards) and three rooms with kitchen (75 sq yards) in storeyedapartments.
The company has signed up with leading banks for housing loans. The project would have all the basic facilities such as roads, streetlights, local bus availability, markets, temples and hospitals within the developed area. It would also have safety features such as earthquake- resistant structures, underground water storage tanks and overhead tower, as also common plots for recreational activities for children.
Posts
No comments:
Post a Comment