Cooperation from the Government is necessary in making the housing segment viable for buyers in the wake of soaring land prices, according to a leading city-based real estate developer here.
“There is demand for affordable housing. But cooperation from the Government is also necessary by way of offering special packages,” Ceebros Property Development Chairman C Subba Reddy told PTI here.
He was responding to a query on the status of the affordable housing segment, which is witnessing a strong demand.
The trend for affordable housing is on the upswing. “We are seeing positive results in terms of booking in that segment,” he said.
Recently, cashing in on the demand for affordable housing, Mahindra Lifespaces, the real estate arm of diversified business conglomerate Mahindra Group, announced two projects each to come up in Boisar in Mumbai and Avadi in Chennai, targeting individuals having a monthly pay of up to Rs 40,000.
According to Mahindra Lifespaces, the housing project “Happinest” was aimed at families having a combined monthly income of Rs 20,000 to Rs 40,000 per month.
Urban India is estimated to have 19 million families either living in slums or in low-income neighbourhoods on rent and this housing deficit is likely to rise to 38 million by 2030.
Commenting on the status of ongoing projects taken up by CEEBROS, Reddy said the ATLANTIC project which is coming up in Chennai was expected to be completed by 2015.
“There will be totally 18 floors. We will be constructing 168 apartments. Price per square feet will be around Rs 15,000”, he said, adding, the apartments would be priced Rs 2 crore onwards.
Each apartment will be 1,325 square foot to 2655 square foot in size, he said, adding, a special experience centre in Boat Club Road was also set up by Ceebros.
“We have developed it on 10,000 square feet of land. About Rs 8 crore was invested on the experience centre,” Reddy added.
On the project coming up in MRC Nagar, he said “It is a luxury project,” he said.
Reddy said the company was also looking at another project to come up on a 10-acre plot in Perungudi here comprising 750 apartments. “Each apartment will be 1,000 square foot to 2,000 square foot,” he added.