To offer 1000 residential flats in the range of Rs 12-19.5 lakh.
Premium residential apartments developer Darode-Jog Properties has announced a scheme of 1,000 low-cost residential flats in Pune. The developer plans to offer residential flats in the range of Rs 12 lakh and Rs 19.50 lakh, which would be ready for possession within 12 months.
This is for the first time, Darode-Jop Properties is investing in a low-cost housing segment, which according to the directors, is a business decision.
"We plan to invest Rs 150 crore in this 1,000 flats scheme. The first phase of this scheme would see 300 flats followed ready by April 2010. Interestingly, we would maintain the same quality of construction for this project while the land price and construction cost has been cut using innovative techniques," said Anand Jog, director, Darode-Jog Properties.
The shrinking sales of residential apartments in Pune have already forced a number of number of developers like Goel Ganga, Kolte Patil and others to enter the affordable housing segment. Darode-Jog, a prominent name in the real estate sector for 25 year now, has followed a similar line with its new project named Greenland County.
"There has been an ever increasing demand for flats in the range of 500 square foot to 700 square foot. We have hit the same range and Rs 12 lakh is an excellent sell price," added Sudhir Darode, director, Darode-Jog Properties.
The firm has utilised some crucial part of the total 11 acre land for commercial establishments, which has helped it cross-subsidise residential projects.
