A 995 sq ft apartment in Bangalore for Rs 19 lakh! This is the price at which Golden Gate Properties is offering two-bedroom apartments at ‘The Commune’, its affordable residential project in Bangalore.
“The project aims to fill the need-gap that has risen in the market owing to spiraling real estate costs,” said Mr K. Pratap, Managing Director, Golden Gate Properties.
A self-sufficient township, the project located near Mysore Road with proximity to the NICE Corridor, would have 3,500 units two and three bedroom apartments ranging between 900-1,500 sq ft in total.
The affordable project tag hasn’t stopped the developers from providing fabulous amenities including mini stadium, a retail centre, bank counter, ATMs, kindergarten school, medical centre, wi-fi connectivity, two club-houses, among others. The company plans to invest five hundred crore rupees in this project, which would also be replicated in Hyderabad, Chennai, Kochi, Coimbatore, Mysore, Pune and other cities.
According to Mr Pratap, it took the company 4 years to master the art of building affordable housing solution. “But having achieved this, we will roll out such projects in these cities. For the next one year, our focal point would be on the Commune projects, he said.
The developers would also be using hi-tech construction technology that would ensure faster completion of the project, reducing labour requirements by almost 75 %. Because of the volumes involved, the company’s profit margins would be reduced by almost 50 %, he said.
Two Commune projects in Hyderabad and one more in Bangalore have been planned, for which land has been acquired.
The four projects, including the one announced on 21st August, are estimated at two thousand five hundred crore rupees, for which the company would be investing approx five hundred crore rupees, and the rest would be from sale proceeds.
The other ‘Commune’ in Bangalore would be located on Sarjapur Road, which would come up on one hundred acres with 5,000 units being planned. The first of the ‘Commune’ in Hyderabad would be at Tellapur about 6,000 units over 50 acres, and the other near Secunderabad about 3,000 units.
The company, which had Rs 500-crore turnover last year, is targeting revenues of Rs 1,000 crore now; with many projects under way, Mr Pratap said the target was achievable.
The company plans to enter the capital market in two years. The company, which had received an entity-level $70-million funding from RREEF India Advisors, a subsidiary of the Deutsche Bank Group, is also looking at funding at SPV levels from the group.
“There may be two SPV-level infusions towards the end of this financial year,” Mr Pratap said.
For its IT SEZ in Bangalore, the company is planning an investment of about Rs 800-900 crore, and hopes to “raise private equity at an SPV level in 2-3 tranches, from maybe a single equity player,” he added.
TagsAffordable Housing Ahmedabad Bangalore Bank Of India Chennai Commercial Real Estate Credai Delhi developers Dlf Estate Projects Greater noida Gurgaon Housing Projects Hyderabad India Indian Real Estate Investment Investments Joint Venture Jones Lang Lasalle Kolkata Managing Director Mumbai New Delhi noida Parsvnath Developers Private Equity property Pune Rbi. Real Estate Real Estate Developer Real Estate Developers Real Estate Investment Real Estate Market Real Estate Sector Realty Reserve Bank Of India Residential project Residential Projects Residential Property Slowdown Townships Unitech
- May 2013
- April 2013
- March 2013
- February 2013
- January 2013
- December 2012
- November 2012
- May 2012
- April 2012
- March 2012
- August 2011
- July 2011
- June 2011
- May 2011
- April 2011
- December 2010
- November 2010
- August 2010
- July 2010
- June 2010
- May 2010
- April 2010
- March 2010
- November 2009
- October 2009
- September 2009
- August 2009
- July 2009
- June 2009
- March 2009
- January 2009
- December 2008
- November 2008
- October 2008
- September 2008
- August 2008
- July 2008
- June 2008
- May 2008
- April 2008
- March 2008
- February 2008
- January 2008
- January 1970
- 3 Bedroom Apartment / Flat for rent in Sector 20, Panchkula
- 4 Bedroom Independent House for sale in Shahpur, Ahmedabad
- 1 Bedroom Apartment / Flat for rent in Uttam Nagar, New Delhi
- 1 Bedroom Independent House for sale in Panvel, Navi Mumbai
- 2 Bedroom Apartment / Flat for sale in Vishrantwadi, Pune
- 2 Bedroom Apartment / Flat for sale in Behala, Kolkata
- 2 Bedroom Apartment / Flat for rent in Begur Road area, Bangalore
- Industrial Building for rent in 22 Godown, Jaipur
- Office Space for rent in Perungudi, Chennai
- 1 Bedroom Independent House for rent in Hosur Road area, Bangalore