Ruparel Realty Will Provide 7,500 Affordable Flats In Mumbai By 2022
Ruparel Realty, leading Mumbai-based real estate developer, will provide 7,500 affordable flats to the citizens of megapolis by 2022.
The firm, which has already provided 1,025 affordable apartments since its inception in 2000, is currently developing these new projects in different areas of the city, the Managing Director told.
At present, Mumbai has a demand of 20-25 lakh affordable houses of 1 to 3BHK flats, he said. Under the Pradhan Mantri Awas Yojana (PMAY), first-time homebuyers of an affordable house get a subsidy of Rs. 2.67 lakh.
Ruparel said, generally, flats measuring 30 square metres or 320 square feet are included in the affordable housing category. 1 BHK flats priced under Rs 1 crore and 2 and 3 BHK flats, priced around Rs 1.5 crore and Rs 2 crore, respectively, are in this category.
Ruparel’s 5,000-flat project in Kandivali launched in April 2017 and priced between Rs 52 lakh and Rs 60 lakh, was a success as its first phase of 1,500 flats was sold out soon afterwards, he said. Right pricing and good construction are the biggest factors for the success of a project as the sector is very price-sensitive.
The real estate developer’s latest project in Chembur has 2,500 flats, with the first phase of 250 flats under construction now. Its other smaller projects under the affordable housing category are in various stages of development in areas like Palm Beach, Matunga, Parel and Dadar.
Several large and mid-size builders still remain unsuccessful in providing homes to low-income customers, a report by consulting firm FSG and National Housing Bank (NHB) found recently.
According to realty researcher, Liases Foras, land prices have increased nine-fold in the past 12 years, making affordable housing a difficult proposition. Due to rapid urbanization and migrations, there is a shortage of 1.90 crore houses in bigger cities of India, with 99 per cent demand being in the economically weaker and lower income groups.
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