In a recent official statement, the major realty company, Omaxe has announced that it is planning to make an investment of $20 billion (Rs 80,000 crore) for developing a number of 10 lakh "affordable" homes for low-income consumers in India, very soon. The officials of the company have stated that all these housing units are going to be developed within the next five years and the company is planning to offer them in a price range of Rs 3-15 lakh per flat. However, the officials also said that there is little possibility for the units to come up in the metro cities like Delhi and Mumbai, as the land costs are pretty high in these cities. They added that the company is mainly targeting the tier-two and three cities like Sonepat, Nimrana, Bhiwadi for the purpose.
According to one of the top officials of the company, the Omaxe has recently set up a new subsidiary company, named the National Affordable Housing and Infrastructure Ltd for developing these affordable housing units. The Chairman and Managing Director of Omaxe, Mr. Rohtas Goel has also confirmed the news about the companys plans and said, "We will deliver 10 lakh affordable housing in the next five years". However, he did not say anything about the investment figures at the moment and added, "Affordable housing is a big issue in the country. There is a shortage of 24 million housing units in the country, majority of which are in economically weaker section, LIG and Janta flat segments".
Though Mr. Goel did not say anything about the investment, the sources from the company have informed that the project cost for developing 10 lakh units, is likely to be about Rs 80,000 crore at an average cost of Rs 1,000 per sq ft on land, construction and marketing. The industry sources informed that the Delhi-based company is also having some plans to develop one lakh units in the current financial year on its existing land bank and it is likely to start rolling out its projects from the month of July this year. The sources further informed that the company is planning to implement the projects in the tier II and III cities of north India in the first phase and it would expand the project to the other parts of the country, later on.
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| Posted : 5/15/2008 |
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