Sobha Ltd, the developer of the premium residential property, is set to launch an affordable housing project in Bengaluru.
The new project will come up on Thanisandra Road in North Bengaluru on an 18-acre land parcel. The bookings will commence during the next quarter, a top company official said.
The project will have 1,800 residential units with a carpet area of 645 sq feet. Each unit will have 2 bedrooms, a hall and a kitchen.
“With an aim to contribute to Prime Minister’s vision of “Housing for All, we are launching our first affordable housing project which is designed to meet the norms under Pradhan Mantri Awas Yojana (PMAY),” J C Sharma, Vice Chairman and Managing Director, Sobha Ltd told DH.
Sharma said property buyers will be eligible to claim benefits Under PMAY Scheme. "We have acquired 18 acres land and in approached the state government for approvals. Although the project is classified under the affordable housing norms, the company will provide all amenities to property buyers", Sharma said. The company is yet to finalise property prices, he added.
In 2015, Bengaluru-based Sobha Ltd created a new segment - Sobha Dream Series - to mark its foray into affordable housing segment. The company launched Sobha Dream Acres, the first project under the new segment. However, the houses in this project are slightly bigger in size compared to the houses defined under the PMAY guidelines. They are also priced at a higher price range.
With the vision of changing the Indian economy to provide the basic necessity of a roof over one's head, Prime Minister Narendra Modi launched the PMAY on June 25, 2015. PMAY envisions the government's promise of 'Housing for All' by 2022. Under the scheme, the government provides 4% GST benefit and an incentive of Rs 2,30,000 to Rs 2,70,000 to home buyers. Property developers are also entitled to tax exemption under the scheme.
Earlier this year, Sobha also announced a new housing project in Gujarat International Finance Tech-City (GIFT City) near Ahmedabad. The company is developing nearly 1,000 apartments in this project at an investment of Rs 500 crore.
Sobha sold 9,60,085 sq feet area during the April-June quarter of this fiscal, up 18% compared with the corresponding quarter last year. In value terms, the sales booking stood at Rs 762 crore as against Rs 623 crore during the year-ago period.