Housing plans can be marketed,even in times of economic slowdown,if they are priced right,the Uttar Pradesh government believes. The Mayawati-led government is now giving finishing touches to a mass housing scheme that promises to sell houses starting at Rs 10 lakh in Greater Noida.
Held back by the model code of conduct,the scheme of 1,000 low-cost houses will be announced soon after the Lok Sabha polls in April and May,a top government official told Newsline. The project is marked near the Yamuna Expressway that will serve as a high-speed link between Noida,Delhi and Agra.
The housing scheme being formulated by the Yamuna Expressway Authority promises two-,three-,and four-bedroom apartments,ranging from Rs 10 lakh to Rs 18 lakh,and is expected to come up in two or three years. According to official calculations,EMIs can be kept as low as Rs 6,000 per month for most of these flats.
The focus is on the area beyond Greater Noida nearly 44,000 hectares are being developed for this housing scheme, the senior government official said. Floor Area Ratio and density relaxations have already been announced in the area to keep costs low. The governments view is products priced reasonably will sell even amid the economic slowdown: we will offer a two-bedroom flat for Rs 10 lakh and a three-bedroom house for Rs 13 lakh or Rs 14 lakh. Four-bedroom flats will be sold for approximately Rs 18 lakh.
The state government expects this scheme to inject a stimulus to the housing segment,according to the official. The initial registration amount will also be kept low to ensure affordability.
Costs will be kept low by doing away with non-essentials and by squeezing in on space. According to the official,a two-bedroom flat will be built on 900 square feet,a three-bedroom on 1,200 sq feet,and 1,600 sq feet area would house a four-bedroom flat.
Officials do not expect the distance factor to pose a hurdle. Though the housing area would be some 50 kilometres from Connaught Place,it will be well-connected. It is just off the Greater Noida Expressway, the official said. The Yamuna Expressway Authority is also working on infrastructure in the area,including good roads,shopping centres,water and power facilities all facilities that exist in sectors of Noida or Greater Noida.
The Yamuna Expressway Authority has also employed a Singapore-based firm to design a transport plan for the area and the international firm TCE Consulting Engineers Ltd to work on water supply and sewerage plans,the official said.
To keep costs low,the Authority is considering building the houses with the help of consultants,rather than get private builders to construct them.