Sunteck Realty Aspirational Housing Project Naigaon, Maharashtra
Plush housing complexes will no longer be the preserve of niche in South Mumbai localities or those in suburbs like Bandra and Andheri. Naigaon in the western suburbs will soon see an ‘aspirational’ housing project Naigaon from luxury housing company Sunteck Realty Ltd.
The company, which plans to invest more than Rs. 3,000 crore in the project, claims it is bringing in more facilities to the regular housing space, such as clubhouses and swimming pools.
Sunteck will develop the complex on 100 acres, in a joint venture with local landowners. The project will be completed in five to six years’ time. Prices are at Rs 35 lakh for a one bedroom hall kitchen apartment and Rs 45 lakh for a two bedroom hall kitchen apartment.
Chairman, Managing Director, Sunteck Realty, said the company sees high potential in Naigaon, which has not seen the desired price appreciation though it is closer to Mumbai than either Vasai or Virar.
The project, he said, will change the locality’s profile, and is expected to generate revenue of over Rs 5,500 crore. A lot of people will look at the opportunity to settle in Naigaon due to its affordability and easy connectivity. Future infrastructure like the 5-km sea link on the Vasai creek will enhance Naigaon’s connectivity to major locations, driving demand up further.
He also said the affordable housing segment is a key growth driver for the real estate industry, as it now enjoys government support through interest subsidies.
Source Link- http://www.thehindu.com/.