Value and Budget Housing Corporation (VBHC), a low-cost housing project started by technology entrepreneur Jaithirth (Jerry) Rao, is on track to meet the deadline for Phase I of its first project at Anekal near Bangalore.
The company in a statement on Friday said that 392 flats will be handed over to buyers by September 2011. As a first step towards this, the company on Friday said it has handed over 56 apartments to the owner.
According to industry information, VBHC is close to raising around Rs 100 crore from a private equity fund shortly. This will be the third round of fund raising after being initially funded by HDFC.
VBHC has made use of the ‘Form Technology’, that enabled its completion as per its deadlines. Delivery of 448 apartments in Phase II, is scheduled for May, 2012. Over 1,000 apartments have been sold since the launch of Vaibhava in August, 2010 and the booking for another 900 will start in September, 2011.
Handing over the keys to their owners, Jaithirth Rao, Chairman of VBHC said, “Apart from providing quality and affordable homes to prospective home buyers, we are also focused on ensuring that we deliver our projects on time.”
The project has received a good response which has boosted our confidence in providing a similar customer experience and commitment in our new projects in future locations across India, he added.
VBHC, as part of this expansion, has firmed up plans to have a presence in Chennai and Mumbai over another year.
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Vaibhava has studio, 1 and 2-bedroom hall kitchen apartments, which vary in size from 354 to 640 sq ft and in a price range of Rs 5.3-11.5 lakh.
VBHC, after demand from customers, has acquired additional land beside Vaibhava’s site at Anekal. It aims to build 1 million homes in the next 10 years across urban India.