Developers are staying away from affordable housing projects owing to expensive land, high financing costs, and multiple approvals.
Japanese company, Tama Home has announced the construction of 12-18 projects at an investment of Rs 6,000 crore in partnership with Singapore- headquartered Developer Group. The two companies will jointly build three housing projects.
Has the Budget for FY 2010-11 done enough for the construction, building material and infrastructure sectors? CW compares the expectations and reactions of the industry.
Ambience Group will invest Rs 1,945 crore over the next four years on two housing projects in Gurgaon and Noida. The company will offer 1,030 apartments. In Noida, it will build 280 flats in the 3.5 acre project ´Ambience Tiverton´ at Rs 465 crore.
ATS Group plans to develop two housing projects in Gurgaon with an investment of nearly Rs 550 crore.
Earth Infrastructure will invest Rs 1,000 crore over the next three years to develop three projects in the NCR. The company has launched two housing projects in Gurgaon and Greater Noida, comprising about 900 apartments, and one office complex in Greater Noida.
Mantri Developers has launched a new project named Mantri Navaratna at Chromepet, Chennai. The project offers 272 apartments with stilt plus four floors with a price starting from Rs 22 lakh onwards.
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The Allahabad high court on November 7 passed a judgment imposing a stay on 802 acres of land bringing relief to Noida farmers in a major setback to housing projects being developed in the area.
The Legislative Assembly has proposed that the revival of affordable housing policy of the Maharashtra state Government needs to be reviewed. It also proposed bidding for affordable housing projects by private players. This would ensure better revenues to the exchequer besides improving the quality of construction.
