Real estate firm Shriram Properties (SPL) is set to hop onto the affordable housing bandwagon. The Bangalore-based firm proposes to invest over Rs 500 crore into mid-income housing projects that it will develop across India over the next 2-3 years.
The first of these projects will be located off GST Road in Chennai at an investment of Rs 100 crore. “We see a huge demand for affordable housing in India, more so in tier-I cities. In a rapidly growing economy like ours, the services and ancillary industries employ thousands of executives. Not everyone can afford a home in the Rs 40-60-lakh bracket. We expect to sell apartments in the sub-Rs 30 lakh category,” said Shriram Properties managing director M Murali.
The first project will see the company develop 2.2 million sq ft on a 35-acre plot-this includes 1,700 residential units priced between Rs 18-23 lakh. SPL will replicate this model across the country, picking up a 35-50 acre parcel for each of its projects.
According to Mr Murali, the company is close to acquiring a second patch of land in Chennai for a similar project, while advance negotiations are underway for land parcels in Bangalore (near Devanahalli), Mangalore, Coimbatore, Madurai and Kolkata. A major source of funding for each will be through pre-sales, which would account for about 80% of the required funds. This apart, SPL’s upcoming ventures will also be backed by US-based realty investment major Walton Street Capital - the firm picked up a stake in SPL, at the enterprise level, last October.
Thursday, March 13, 2008
Shriram Properties to invest Rs 500 crore in affordable housing plan
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You also need to seek advice from the real estate agents to be sure of the process. They are equipped with knowledge and expertise hence they are sure to be of help to you.
This is an interesting article. Im not sure how I came across a real estate article, but interesting read.
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