300 to 500 sq ft flats in 3 to 7 lakhs:A joint venture between Sterling Construction Systems (SCS) and Eredene Capital Plc, a UK-based venture capital fund, which has given Rs100 crore to the project, Tanaji Malusure City, will have over 10,000 flats of 300 to 500 sq ft at Karjat
All Amenities:Separated by the River Ulhas, and just a few hundred meters away from the Karjat station, the township will house approximately 60,000 people and will have all the required amenities like schools, multiplexes, malls, and hospitals. The first phase of 2,500 flats is scheduled to be completed in January 2009
Subsidised by commercial property:Pravin Banavalikar, group managing director of Great Maratha Corporation, who owns the construction company, said, “It is no charity scheme. To make the project viable, we would subsidise the low-cost housing by selling the commercial component at a market rate of Rs3,000 a sq ft.”
Traveling time and Affordability:“Only affordability is an issue. If there is a township which offers affordable housing and social amenities, they will not mind traveling one and a half hour to a home where which does not have cramped interiors, but a separate living and a bed room,” he said.
Affordable Housing..Possible!“I wish to show that it is possible to construct affordable housing by using innovative construction technology that minimises skilled inputs and delivers results at affordable rates. Flats would be ready for occupation within 90 to 120 days,” Banavalikar added.
“We would further sell the flats only on lottery and not allotment to prevent speculators from entering the market,” said Banavalikar.
DNA - A house at Rs999 per sq ft! It's possible
real estate real estate investment Indian real estate Pune real estate Pune real estate market Pune news Pune real estate news Pune real estate market news Tanaji Malusure City low cost housing scheme Karjat affordable housing Sterling Construction Systems (SCS) Eredene Capital Plc, a UK-based venture capital fund, Pravin Banavalikar Great Maratha Corporation lottery allotment real estate speculators