Gujarat has more affordable housing projects
ECONOMY & POLICY

Gujarat has more affordable housing projects

In Gujarat, it's raining affordable homes, with both the State government and real estate industry set to build a slew of affordable residential units. On one hand, the State government, as promised in assembly polls manifesto, plans to start work for building 1,20,000 homes for the year 2013-14.

On the other hand, organised real estate players like Tata Housing, Adani Township & Real Estate, DBS Affordable Home Strategy and Arvind Real Estate have announced low cost housing schemes for low and middle income groups. Almost all the players are offering residential properties in the sub Rs 20 lakh category, thereby catering to the lower income group (LIG) and middle income group (MIG).

Add to that, city-based DBS Affordable Home Strategy recently announced a project of providing 25,000 affordable homes in next five years in the sub Rs 10 lakh and Rs 15 lakh category. Gujarat government has announced that it will build more then 1,20,000 by the end of this year for the poor and home-less people of the state.

For the year 2013-14, State government has allocated Rs 1,650 crore for the rural housing, of which Rs 1,062 crore has been earmarked for providing regular houses to BPL families. It has further initiated a state-wide survey of the slums and mud-houses which is likely to be completed by the end of March and then work on building affordable housing would begin.

Adani Township & Real Estate is in the process of completing its three-phased affordable housing project of 800 units. The 'Pratham' project of Adani Township & Real Estate offers 1BHK of 650 sq ft at Rs 16 lakh while 2BHK property of 900 sq ft is priced at Rs 22 lakh. It has already completed 500 units in two phases and about to complete the third phase, the official added.

Similarly, titled 'New Haven Compact', the affordable housing project in Ahmedabad has been jointly developed by Smart Value Homes, part of Tata Housing along with Arvind Real Estate, under the banner of Arvind Smart Value Home LLP, a special purpose vehicle (SPV). The project currently has around 300 units of 1 BHK of 570 sq ft size.

Affordable housing is attracting the people to Ahmedabad and the real estate industry is witnessing a constant demand these days. According to JLL, the rate of conversion has been the highest among affordable housing, especially in the sub-Rs 10 lakh and sub-Rs 15 lakh category.

In Gujarat, it's raining affordable homes, with both the State government and real estate industry set to build a slew of affordable residential units. On one hand, the State government, as promised in assembly polls manifesto, plans to start work for building 1,20,000 homes for the year 2013-14. On the other hand, organised real estate players like Tata Housing, Adani Township & Real Estate, DBS Affordable Home Strategy and Arvind Real Estate have announced low cost housing schemes for low and middle income groups. Almost all the players are offering residential properties in the sub Rs 20 lakh category, thereby catering to the lower income group (LIG) and middle income group (MIG). Add to that, city-based DBS Affordable Home Strategy recently announced a project of providing 25,000 affordable homes in next five years in the sub Rs 10 lakh and Rs 15 lakh category. Gujarat government has announced that it will build more then 1,20,000 by the end of this year for the poor and home-less people of the state. For the year 2013-14, State government has allocated Rs 1,650 crore for the rural housing, of which Rs 1,062 crore has been earmarked for providing regular houses to BPL families. It has further initiated a state-wide survey of the slums and mud-houses which is likely to be completed by the end of March and then work on building affordable housing would begin. Adani Township & Real Estate is in the process of completing its three-phased affordable housing project of 800 units. The 'Pratham' project of Adani Township & Real Estate offers 1BHK of 650 sq ft at Rs 16 lakh while 2BHK property of 900 sq ft is priced at Rs 22 lakh. It has already completed 500 units in two phases and about to complete the third phase, the official added. Similarly, titled 'New Haven Compact', the affordable housing project in Ahmedabad has been jointly developed by Smart Value Homes, part of Tata Housing along with Arvind Real Estate, under the banner of Arvind Smart Value Home LLP, a special purpose vehicle (SPV). The project currently has around 300 units of 1 BHK of 570 sq ft size. Affordable housing is attracting the people to Ahmedabad and the real estate industry is witnessing a constant demand these days. According to JLL, the rate of conversion has been the highest among affordable housing, especially in the sub-Rs 10 lakh and sub-Rs 15 lakh category.

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