After getting an overwhelming response to its group housing project- Cosmopolis in the city, Noida-based real estate player Assotech Limited has now decided to set up an integrated township between Cuttack and Bhubaneswar.
The township, the largest in the city, is proposed to be set up on an area of 40-50 acres between the twin cities, close to the National Highway (NH)-5.
The striking feature of this township would be the availability of two and three BHK (bedroom hall kitchen) flats at affordable rates (Rs 14-22 lakh).
“Assotech's integrated township project will offer affordable homes to the people in and around the city who have always wanted to own a flat in a convenient location but have been let down by prohibitive prices due to supply side constraints in the city's realty market. What is more gratifying is that Assotech would be offering these low cost homes without compromising on the quality of the construction”, a senior company official told Business Standard.
The investment and other project specific details of the proposed integrated township are yet to be worked out as things are still at a preliminary stage.
Presently, Assotech is in the process of acquiring land for the township project.
“We are talking to the land owners and an agremeent is being worked out with them. The company hopes to acquire land within three months”, said the official.
The integrated township will be a residential cum commercial complex with facilities like shopping malls, swimming pools and play schools for kids.
The project would offer homes for around 4000 families. The residential complex would consist of 4-5 storeys. Assotech is also mulling to build simplexes and duplexes within the integrated township depending on the demand from the customers.
The entire project is expected to be operational within four years. Assotech intends to kick off construction work soon after getting the approval for the project and deliver the flats to the customers within 12 months of booking.
Asked on the progress of bookings of flats of its Cosmopolis project, the company official said, “The bookings have almost been completed for the two and three BHK flats as well as the high end pent houses. Around 50 per cent of the bookings have been completed for the four BHK flats and service apartments and we expect it to be completed within a month.”
The Cosmopolis project in the city is being set up by Assotech BEBL Infrastructure Limited, a 50:50 joint venture between Assotech and the city-based B Engineers and Builders Limited at a cost of around Rs 400 crore.
The project is coming up at Dumduma, the project site on NH-5, close to the archaeological sites of Khandagiri and Udaygiri. The Cosmopolis project would have around 800 flats in all in 11 towers.
The entire project is scheduled for completion by the end of 2012.
