Golden Gate plans affordable houses
Citigroup-backed Golden Gate Properties plans to invest close to Rs 2,000 crore over two years in affordable housing projects.
By ET Bureau |
BANGALORE: Citigroup-backed Golden Gate Properties plans to invest close to Rs 2,000 crore over two years in affordable housing projects, a senior official said. The projects will be funded primarily through customer sales, apart from banks loans to the tune of Rs 500 and equity, Golden Gate managing director K Pratap said.
The Bangalore-based developer on Thursday announced plans to start construction on four township projects in Bangalore and Hyderabad, all grouped under the brandname Commune. A significant portion of each development will comprise low-cost housing units with an area of 995-1122 sq ft.
���A large section of society is unable to own homes owing to spiralling real estate costs. The Commune has been conceived to fulfill this need-gap. The starting price for the affordable housing units will be around Rs 19 lakh. These properties will be on a par with premium developments in terms of quality, treatment and amenities,��� he said.
Citigroup has invested Rs 150 crore in Golden Gate and Deutsche Bank $70 million. Golden Gate plans to expand to several southern cities with affordable housing projects.
Earlier this week, Bangalore���s Puravanakara Group also outlined plans to develop low-cost housing. The Housing Ministry estimates the shortage of homes in India at 24.71 million, most of it among economically weaker sections and low-income groups. Golden Gate���s first project, comprising 2,500 apartments on 30 acres, is located some 4 km off the road link to Mysore while the second will come up in the Sarjapur area on the city���s periphery on 100 acres.
In Hyderabad, the company has acquired land in Tallapur and Secundrabad. ���Each project will be developed in a phased manner. The Bangalore model will be replicated across cities with some modifications to suit local tastes,��� he said.
The company hopes to drive down costs by acquiring land on the outskirts of cities and using modern construction techniques to bring down labour count by 75%.
The Bangalore-based developer on Thursday announced plans to start construction on four township projects in Bangalore and Hyderabad, all grouped under the brandname Commune. A significant portion of each development will comprise low-cost housing units with an area of 995-1122 sq ft.
���A large section of society is unable to own homes owing to spiralling real estate costs. The Commune has been conceived to fulfill this need-gap. The starting price for the affordable housing units will be around Rs 19 lakh. These properties will be on a par with premium developments in terms of quality, treatment and amenities,��� he said.
Citigroup has invested Rs 150 crore in Golden Gate and Deutsche Bank $70 million. Golden Gate plans to expand to several southern cities with affordable housing projects.
Earlier this week, Bangalore���s Puravanakara Group also outlined plans to develop low-cost housing. The Housing Ministry estimates the shortage of homes in India at 24.71 million, most of it among economically weaker sections and low-income groups. Golden Gate���s first project, comprising 2,500 apartments on 30 acres, is located some 4 km off the road link to Mysore while the second will come up in the Sarjapur area on the city���s periphery on 100 acres.
In Hyderabad, the company has acquired land in Tallapur and Secundrabad. ���Each project will be developed in a phased manner. The Bangalore model will be replicated across cities with some modifications to suit local tastes,��� he said.
The company hopes to drive down costs by acquiring land on the outskirts of cities and using modern construction techniques to bring down labour count by 75%.
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