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Journalism of Courage
Tata Housing in collaboration with the city-based Arvind Real Estate today announced the first phase of the low-cost integrated township scheme under ‘Shub Griha’.
For the project which is aimed at providing budget houses to low and middle-income groups,a special purpose vehicle (SPV),Arvind and Smart Value Homes LLP,has been created to develop the township which will be spread across 135 acres at Vadsar-Kalol Road,about 20 kms from here.
Under the ‘Shub Griha’ scheme,1091 low-rise apartments having carpet area from 293 sq ft to 457 sq ft will be built with a price tag between Rs 7.92 lakh and Rs 12.33 lakh. The project will cover 18 acres of the township land.
“This is our first real estate project in Gujarat. The Shubh Griha scheme has been launched here following its success at Boisar and Vashind in Maharashtra (outskirts of Mumbai),” MD & CEO of Tata Housing,Brotin Banerjee,told mediapersons during the launch of the integrated township.
He said that since the target for Shubh Griha project was middle and lower income groups,the company has tied up with micro-finance organisations who could provide loans to people working in unorganised sectors. “The booking of the houses begins tomorrow and in the next 24-30 months the buyer would get the possession of the apartment,” Banerjee said.
When asked if there would be more schemes on line with Shubh Gruh in this township,Banerjee said,”there would not be another phase of Shubh Gruh in this township,but there could be similar projects in other parts of Gujarat.”
Banerjee also announced that in the next 6-9 months Tata Housing would be launching another phase of the township which would have bigger homes of 1000-1200 sq ft. Arvind Group Chairman Sanjay Lalbhai said the project was crucial for his company. “We were very keen to bring something very unique to Gujarat,which we have been able to do with the Tata Housing by launching the township,” Lalbhai said.
He further said that Arvind Real Estate has large land bank with big chunks in Gujarat and Karnataka. “We have been monetizing the land till date,but now we have entered a second phase and want to develop it,” Lalbhai said.
Arvind Real Estate CEO Kamal Singal said the upcoming project would improve cash flows for the real estate firm in FY 2012-13. “Arvind Real Estate has around 32 million sq ft land under construction at present in six projects in Ahmedabad and Bangalore,” he said.
