A major Indian developer is planning to build four new townships across two cities in a move designed to provide more affordable housing.
Golden Gate properties is ploughing cash into the projects, which will see two new sites each for Bangalore and Hyderabad.
The firm will build the developments under the ‘Commune’ brand and will offer two and three bedroomed apartments in the 900 to1,500 sq ft range, according to Business Standard.
The paper also reports Golden Gate will roll out further developments in other cities like Chennai, Mysore, Coimbatore, Kochi and Pune if the first two projects are successful.
Quoted by the publication, Golden Gate managing director K Pratap said:
“We are planning to build two Commune projects each in Bangalore and Hyderabad. The project is being planned and built on 30 acres to 50 acres of land, each targeted at the affordable housing category. Each Commune project is to cost Rs 500 crore.”
Golden Gate traditionally focuses on residential apartments and villas and is currently working on developments such as the Golden Star project, Bangalore.
The scheme features extensive landscaped gardens with fountains, a mini club house, gym, swimming pool, capsule lifts and a departmental store.
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All the best to Golden Gate properties.