An Indian real estate developer has announced plans to invest Rs 500 crore in building new homes in two regions.Ansal Properties said it was starting the new housing in Uttar Pradesh and Rajastan over the next 18 months.
A massive 10,000 afforable homes would result from the drive, the company said, with land and approvals already in place.According to Live Mint , executives from the company also revealed existing real estate schemes were also selling well, with 2,000 other homes in the two states changing hands since November.
Pranav Ansal, vice-chairman, of the firm, said, “We plan to develop and sell 10,000 affordable houses in one-and-half years.”
Quoted by Sify, he added: “There is a strong demand for affordable housing projects, as banks have announced attractive rates for loans up to Rs 5 lakh and up to Rs 20 lakh.”
Ansal is already building several other real estate schemes such as ‘Whispering Meadows’ in Mumbai, pictured, featuring earthquake-resistant technology and landscaped parks and playgrounds.
New real estate projects in India are increasingly focussing on affordable and mid-range homes, although Jaiprakash Associates recently reported strong attention for the upmarket ‘Wish Town Klassic’, at Jaypee Greens, Noida.
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