Paranjape Schemes (Construction) has forayed into the affordable housing segment under the new brand - Happiness Hub. The first project under this brand will be developed at Varwee. With a saleable area of 1.28 mn sq ft, the project comprises of 2,000 units of one RK, one and two BHK apartments and commercial units.
In recent years, for individual home buyers, prices have continued to increase by approximately 7-10 per cent per year. From our perspective, we would like to see the government increase the income tax benefits to this group of home buyers.
The year 2017 seems like the year for the affordable housing segment, and there should be no looking back for developers and the government hereon. The ´infrastructure status´ will certainly open up new financial avenues for developers.
With over 3,000 acre in its land bank and a development portfolio of over 20 million sq ft, Century Real Estate is among the largest owners of real estate in Bengaluru. And now, the company has mega plans to venture into the affordable housing segment along with developing 7-8 million sq ft of commercial projects.