BANGALORE: Shriram Properties, part of Chennai-based Shriram Group, on Wednesday launched mid-market housing projects in Bangalore, Chennai, Vizag and Kolkata, with a total of 7,000 units.
Shriram Properties Managing Director M. Murali told reporters here “we are starting with all clearances in place and the number of projects and units will vary in each city in the first phase. While we build four projects in Bangalore, there will be one for now in Chennai, near GST Road. We expect all housing complexes to be completed in 30 months.”
“The price range will be Rs.9 lakh to Rs.30 lakh, with most of them in the Rs.15-20 lakh bracket, which we have found are the most in demand,” he said. The carpet area of each flat will vary from 400 to 600 sq. ft., designed to provide effective use of 85 per cent space.
On funding, Mr. Murali explained “we have so far invested Rs.850 crore, with equity funding plus internal resources. The total cost may be Rs.2,300 crore. Booking have commenced and we expect good demand because the pricing has been kept affordable and in the mid-market range, appealing to the larger section of home buyers.” Despite the pricing, each complex would have amenities including swimming pools and play areas for children, he added.