Bengaluru: Ashok Piramal Group firm Peninsula Land Ltd, known for its luxury residential projects in Mumbai, has ventured into affordable housing with its first such project in suburban Pune. It has converted a 50-acre land parcel, which was originally planned to be developed into an information technology special economic zone, into a low-cost housing project in the city’s Gahunje area.
In the first phase of the project, addressOne, around 1,000 units have been launched that will comprise 51 four-storeyed buildings with four apartments per floor. One bedroom homes will be sold at a starting price of Rs18 lakh, going up to an all-inclusive price Rs38 lakh for a 700 sq. ft three-bed apartment.
“Affordable housing is clearly the most vibrant opportunity for the Indian real estate sector today, with ever-increasing demand emanating from this segment. The government has unleashed several initiatives to give a fillip to affordable housing," said Rajeev Piramal, vice-chairman and managing director, Peninsula Land.
Designed by architect Hafeez Contractor, the project falls under the Pradhan Mantri Awas Yojana (PMAY).
Peninsula Land has also tied up with ANAROCK Property Consultants Pvt. Ltd as its strategic sales and marketing partner for the project.
“We are pleased to partner with Peninsula Land, a group known for their luxury landmark projects. We are particularly enthusiastic about this project, which gives affordable housing a compelling twist of added luxury elements. Thanks to the rapid infrastructure development in this region of Pune, Gahunje has good potential for price appreciation over the next few years. Moreover, the inherent demand for this offering comes not just from Pune but also Mumbai and other parts of Maharashtra," said Anuj Puri, chairman, ANAROCK Property Consultants.
Affordable housing has been the flavour of the season with several developers venturing into this space due to the potential sales that these projects may generate and to tap into the incentives that the government has doled out in the recent past. Earlier this year, National Capital Region-based developer ATS Group ventured into the mid- income and affordable housing segment by launching a new brand HomeKraft, that will launch projects with homes priced between Rs30-70 lakh.
Another real estate firm, Mumbai-based Group Satellite launched Aarambh, its affordable housing project under PMAY, in suburban Mumbai.