Isha Homes (India) Private Ltd., confined itself hitherto to building niche villa homes, is getting into ‘budget homes.'
According to Suresh Krishn M. E., Managing Director, Isha Homes would build these budget homes at Medavakkam. These would come up on 5.91 acres. The project, christened Isha Yara, would come up in two phases.
Mr. Krishn said Isha Yara would eventually house 460 flats with a total built-up area of 4.28 lakh sq. ft. The size of each unit would range from 799 sq. ft. to 935 sq. ft. for two-bedroom dwellings. The size of a three-bedroom flat would be 1,198 sq. ft. The first phase would see Isha constructing 240 flats and hand them over to customer latest by December 2011. Each flat would be designed to keep the ‘vaastu' compliance in mind, he added.
The entire project, he said, would cost around Rs. 120 crore. To meet a part of the funding needs, Isha Homes would go in for project finance, he added. Mr. Krishn said Isha Homes would offer an introductory price of Rs. 2,800 per sq. ft. However, it would be valid for one week from the date of commencement of the offer. Since it came into being in February 2004, the company had built projects (in the villa home space) worth over three lakh sq. ft. The company had currently a turnover of Rs. 35 crore, he said. Mr. Krishn was confident that the turnover would touch Rs. 100 crore in the current financial year.