With an aim to tap underlying opportunities in the affordable housing segment, realty firm, Usha Breco Realty, has lined up four projects pan-India for Rs400-crore, a top company official said.
"There is a need for 26-27 million units in the affordable housing segment, and we want to cater to this segment," Usha Breco Realty's CEO, Uday Dharmadhikari, told PTI here.
"We are planning four projects in Pune, Bangalore, Chandigarh and near Mumbai. The pricing of the units will be in the sub-Rs20-lakh range," Dharmadhikari said.
Each project would cost Rs100-crore, he said.
Usha Breco Realty is a part of the Usha Martin Group, which has diverse business interests in sectors such as mining, steel, wire ropes, engineering, media and IT.
The initial investment would be made by the promoters, Dharmadhikari said, adding, "We plan to involve investors at a later stage."
The company's foray into affordable housing has been influenced by the fact that it foresees a tremendous growth in the segment going forward.
The projects would be developed on a revenue-sharing model with partners that the company has already identified.
The Mumbai-based company would develop the project and land would be owned by its partners, Dharmadhikari said.
"Our first project will come up near Mumbai. It will be started in a couple of weeks," Dharmadhikari said, without divulging further details.
The company is in advanced stages of talks for the rest of the projects and construction would begin soon, he said.
All four projects would be spread over 4-lakh square feet and would have 650-1,000 dwelling units each, he added.
The affordable housing sector has seen tremendous activity in recent times with biggies like the Tata Group and Godrej announcing projects in the segment.
Tata Housing Development, the property development arm of the Tata Group, is currently developing affordable housing projects – New Haven and Shubh Griha in Boisar near Mumbai.
The Adi Godrej-run Godrej Properties, is also planning to enter the affordable housing segment with houses in the sub-Rs15-lakh price range.
Bangalore-based Puravankara Projects is also constructing affordable houses in Bangalore, Chennai and Hyderabad, among others, through its subsidiary – Provident Housing and Infrastructure.
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