GCDA returns to affordable housing with Twin Tower Apartment Complex
Real Estate

GCDA returns to affordable housing with Twin Tower Apartment Complex

After an absence of nearly thirty years, the Greater Cochin Development Authority (GCDA) is returning to affordable housing initiatives. The first step in this endeavour involves the construction of a twin tower apartment complex on a one-acre plot of GCDA land in Gandhinagar. To make way for the new complex, the existing old staff quarters on the site will be demolished.

During a meeting on July 3, the GCDA executive committee decided to proceed with the project and submit a report to the state government. Sources indicate that an architect has been selected to provide a feasible design for the development.

Since the flats will be sold to the public, GCDA requires prior permission from the government. Each customer who purchases a flat on the plot will be entitled to a piece of land as well. The government must make a policy decision on this matter, and a proposal will be promptly sent to them.

In the 1980s and 1990s, GCDA undertook various housing projects in and around the city, including row houses in Panampilly Nagar, Gandhinagar, Edathala, and Rameswaram. These properties were constructed and sold to the public, targeting different income groups such as low-income, middle-income, and high-income categories. However, the proposed apartment complex will primarily target the high and middle-income groups due to the high land value in the area.

"Providing affordable housing has always been a priority for GCDA. However, we have not undertaken such projects for the past three decades. The proposed apartment complex will offer modern facilities and be affordable for the public. Although the design is not yet finalised, our rough plan is to construct twin towers, each with 12 floors. There will be a total of 82 units, including both 2BHK and 3BHK configurations. Additionally, our staff will receive improved living quarters," stated a GCDA official.

The estimated cost of the project is approximately Rs 600 million. While GCDA will invest in the project, they aim to finance it by selling the flats. The complex will include a sizable commercial space, such as a shopping complex and a supermarket.

"Constructing affordable projects without compromising on quality is a challenging task, as the government has set high standards for such developments. Therefore, affordability will be prioritised throughout all stages, starting from the design phase. If there is high demand for the flats, we will employ a lotting system. The price of the units cannot be confirmed at this time, but they will be cheaper than the market rate, as GCDA has no intention of making profits," the official added.

After an absence of nearly thirty years, the Greater Cochin Development Authority (GCDA) is returning to affordable housing initiatives. The first step in this endeavour involves the construction of a twin tower apartment complex on a one-acre plot of GCDA land in Gandhinagar. To make way for the new complex, the existing old staff quarters on the site will be demolished.During a meeting on July 3, the GCDA executive committee decided to proceed with the project and submit a report to the state government. Sources indicate that an architect has been selected to provide a feasible design for the development.Since the flats will be sold to the public, GCDA requires prior permission from the government. Each customer who purchases a flat on the plot will be entitled to a piece of land as well. The government must make a policy decision on this matter, and a proposal will be promptly sent to them.In the 1980s and 1990s, GCDA undertook various housing projects in and around the city, including row houses in Panampilly Nagar, Gandhinagar, Edathala, and Rameswaram. These properties were constructed and sold to the public, targeting different income groups such as low-income, middle-income, and high-income categories. However, the proposed apartment complex will primarily target the high and middle-income groups due to the high land value in the area.Providing affordable housing has always been a priority for GCDA. However, we have not undertaken such projects for the past three decades. The proposed apartment complex will offer modern facilities and be affordable for the public. Although the design is not yet finalised, our rough plan is to construct twin towers, each with 12 floors. There will be a total of 82 units, including both 2BHK and 3BHK configurations. Additionally, our staff will receive improved living quarters, stated a GCDA official.The estimated cost of the project is approximately Rs 600 million. While GCDA will invest in the project, they aim to finance it by selling the flats. The complex will include a sizable commercial space, such as a shopping complex and a supermarket.Constructing affordable projects without compromising on quality is a challenging task, as the government has set high standards for such developments. Therefore, affordability will be prioritised throughout all stages, starting from the design phase. If there is high demand for the flats, we will employ a lotting system. The price of the units cannot be confirmed at this time, but they will be cheaper than the market rate, as GCDA has no intention of making profits, the official added. 

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