Golden Gate Properties, a Bangalore-based property developer which got $70 million entity (investment in the company) level funding recently from a Deutsche Bank group company, has lined up four townships for an investment of Rs 2,500 crore spread across two cities - Bangalore and Hyderabad under the ‘Commune’ brand.
The company, through the ‘Commune’ brand, plans to popularise affordable housing units priced around Rs 19 lakh and offers two and three bedrooms in the 900-1,500 square feet range.
Based on the success in Bangalore and Hyderabad, the company plans to roll out ‘Commune’ projects in other cities like Chennai, Mysore, Coimbatore, Kochi and Pune.
Addressing a press conference here on Thursday to launch the company’s first project, K Pratap, managing director, Golden Gate, said, “We are planning to build two Commune projects each in Bangalore and Hyderabad. The project is being planned and built on 30 acres to 50 acres land each targetted at affordable housing category. Each Commune project is to cost Rs 500 crore.”
“In Bangalore, the company in phase I is building 3,500 units off Mysore road on a 30-acre plot. The second project, in phase II, will be located on Sarjapur road on 100 acres and will have 5,000 units. At Hyderabad it plans to build 5,000 units at Tellapur and 3,000 units at Secunderabad,” he added.
For the four projects lined this financial year, the company is pumping in Rs 500 crore on its own and the balance is being raised through customer bookings and sales.
Presently, the company has land bank of 400 acres spread across two cities — Bangalore and Hyderabad, and efforts are on to add more in two years to three years.
“The company, which has about five half-completed projects, aims to complete them on priority in two years. The projects are located at Whitefield, Hebbal, Yeshwantpur, Hosur Road, Sarjapur and Kanakapura Road,” said Pratap.
Talking of the Golden Grand — a residential project on Tumkur road — which will have 800 units on 1.3 million square feet of area, Pratap said, “The project will be completed in the next 15 months. So far we have completed 25 per cent of the project.”
