Joining the likes of DLF and Unitech, Bangalore-based realty developer Puravankara Projects today announced its foray into the affordable housing segment in an effort to beat the property sector slump.
Puravankara, which has a land bank of 125 million sq ft, said fully-owned subsidiary Provident Housing and Infrastructure will launch the projects.
Jayakar Jerome, a former bureaucrat, has been appointed as the managing director of the new company, while Puravankaras current Chairman Ravi Puravankara has joined the company in his current capacity.
More : business-standard.com
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After launching mid-income houses, real estate companies are now targeting low-priced homes in the sub-Rs 10 lakh category to improve cash flows and beat the slump in the property market that has been driven by high borrowing rates.
Unitech, the Delhi-based property major, has applied to the Haryana government to develop houses in the Rs 7 lakh to Rs 15 lakh range in Gurgaon. These are high-density, four-storied buildings in the 450 to 800 square feet range.
Affordable housing is the new mantra for developers now because it is much easier to get loans below Rs 20 lakh, said Raminder Grover, managing
Tobacco major GTC Industries Limited (GTCIL) is mulling de-merging the company and forming a separate outfit to manage its forays into the countrys burgeoning real-estate industry.
The Rs 1,300-crore company is planning to develop properties in cities like Hyderabad, Mumbai and Baroda by entering into joint ventures with local developers, but has no plans to sell its land holdings.
Sanjay Dalmia, the promoter of GTC, said: We have prime real estate in many important Indian cities and with the country witnessing a major real estate boom, it is only pertinent that we unlock our land holdings. Developing them
Tobacco major GTC Industries Limited (GTCIL) is mulling de-merging the company and forming a separate outfit to manage its forays into the countrys burgeoning real-estate industry.
The Rs 1,300-crore company is planning to develop properties in cities like Hyderabad, Mumbai and Baroda by entering into joint ventures with local developers, but has no plans to sell its land holdings.
Sanjay Dalmia, the promoter of GTC, said: We have prime real estate in many important Indian cities and with the country witnessing a major real estate boom, it is only pertinent that we unlock our land holdings. Developing them
Delhi-based developer Omaxe Ltd is on the lookout for business partners in 140 locations across the country to build one million affordable homes in eight years. The company intends investing Rs 500 crore in the venture.
The proposed units would be of 300 to 1,000 sq ft, in the price band of Rs 2.99 lakh to Rs 9.99 lakh. The township projects of 100-plus acre, primarily in two and three-tier cities, will consist of multiple buildings of ground-plus-two floors.
Speaking on the sidelines of a FICCI conference on real estate here on Thursday, Mr Rohtas Goel, Chairman, Omaxe Ltd, said the company
Real estate developer Saviour Builders plans to invest up to Rs200 crore to construct a luxury housing complex in Ghaziabad spread over an area of six acres.
We will invest about Rs200 crore in developing this luxury housing complex in NCR and this will be built keeping in mind the global standards Saviour Group Director Sanjay Rastogi said.
The company would fund the project through a mix of debt and equity he said adding: The source of funds for the project is banks and other financial institutions.
More : livemint.com
