Property Developer Seeks Govt Co operation for Housing Projects

Chennai: Cooperation from government is necessary in making housing segment viable for buyers in the wake of soaring land prices, according to a leading city based real estate developer here.

"There is demand for affordable housing. But cooperation from government is also necessary like offering special packages", Ceebros Property Development Chairman C Subba Reddy told PTI here.

He was responding to a query on the status of affordable housing segment which is witnessing a strong demand.

The trend for affordable housing is on the upswing. "We are seeing positive results in terms of booking in that segment", he said.

Recently, cashing in on demand for affordable housing segment, Mahindra Lifespaces, the real estate arm of diversified business conglomerate Mahindra Group, announced two projects each to come up in Boisar in Mumbai and Avadi in Chennai, targeting individuals having monthly pay of upto Rs 40,000.

According to Mahindra Lifespaces, the housing project "Happinest" was aimed at families having combined monthly income of Rs 20,000 to Rs 40,000 per month.

Urban India was estimated to have 19 million families either living in slums or in low income neighborhoods on rent and this housing deficit is likely to rise to 38 million by 2030.

Commenting on the status of ongoing projects taken up by CEEBROS, Reddy said the ATLANTIC project which is coming up in Chennai was expected to be completed by 2015.

"There will be totally 18 floors. We will be constructing 168 apartments. Price per square feet will be around Rs 15,000", he said, adding, the apartments would be priced Rs 2 crore onwards.

Each apartments will be in the size of 1,325 square foot to 2655 square foot, he said, adding, a special experience centre in Boat Club Road was also set up by Ceebros.

"We have developed it on 10,000 square feet land. Something about Rs Eight crore was invested on the experience centre", Reddy added.

On the project coming up in MRC Nagar, he said "It is a luxury project", he said.

Reddy said the company was also looking at another project to come up on a 10 acre land in Perungudi here comprising 750 apartments. "Each apartment will be 1,000 square foot to 2,000 square foot", he added.