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Hiranandani to construct
budget flats costing Rs. 2 lakhs
By A.T. Bureau
At long last there is definite ray
of home for the shelterless economically weaker section of the society. This is
not a government scheme, but is a bold decision, by the leading developer Mr.
Niranjan Hiranandani, M.D. Hiranandani Constructions, to construct small,
compact flats of 250 sq.ft. each costing around Rs. 2 lakh.
In an
exclusive interview with Accommodation Times, Mr. Hiranandani, who have
developed prime real estate in Mumbai and elsewhere for high-end users, said
that he is keen to construct low cost houses in bulk say 10,000-25,000 with
basic amenities playground, school and good infrastructure to the complex. Such
project will not have gymnasium, swimming pool, club house, thus bringing the
cost of construction to around Rs. 500/- per sq.ft. He further said the final
saleable price should be around Rs. 800/- per sq.ft. which includes the cost of
construction plus Rs. 100/- for F.S.I., Rs.100/- for technical service including
passing of plans and Rs. 100/- per sq.ft. as profit. He cleared that the profit
part is kept to adjust the escalation in prices of inputs materials over the
period of time.
According to Mr. Niranjan
Hiranandani, the final cost of a flat of 250 sq.ft. should be around Rs. 2
lakhs. So is to make it most affordable to the lower income groups. The
purchaser can avail housing for the housing unit in the mass housing project.
Such project may be constructed under a new brand name or a sub-brand.
There is great scope for such
budget flats. Builders can have comfortable margins in mass housing projects as
they are driven by volumes. The main issue is the availability of land in and
around Mumbai at Rs. 100 per sq.ft. Such projects can definitely check the
spreading slums and provide decent living conditions to the residents of budget
flats. |
