Two top developers who have till now focused only on luxury and premium residential and commercial projects recently announced their foray into affordable housing segment of Pune.
Mumbai-based Peninsula Land and Pune-based Vascon Engineers have entered into the affordable residential sector by announcing their latest projects with the plan to have a “focused business approach”.
While, Peninsula Land has launched their project at Gahunje, where it aims to construct 51 four-story building blocks with each floor housing four units. On the other hand, Vascon Engineers will build 1,140 units in Talegaon in sizes between 227sqft for a room-kitchen unit and 2BHK flats measuring 462sqft.
The unit size for Peninsula Land ranges between 274sqft- 671sqft carpet area for 1 BHK and 3 BHK respectively.
According to experts, because of the incentives and tax benefits announced by the government, nowadays developer are opting more for such Nano units. “Multiple players have now forayed in the affordable housing segment. All of this is primarily aimed at attracting faster sales and reaping benefits of the 80I BA (tax sops).” say realty experts.
They further feel that these homes are priced between Rs 13 lakh and Rs 38 lakh and hence this range makes it easy for investors to pump money into these projects, with the hope to cash out at an appreciated value.
CREDAI-Maharashtra president Shantilal Kataria says that the entry of big players in the affordable housing segment is a positive move. He also added, “Earlier, people said big developers never came into affordable projects. It’s a good sign that they are finally foraying into the sector. Over 75% demand for housing is in this category.”
So, with all such innovations and attractive schemes, small is turning out to be a big draw for top developers entering the affordable housing sector.