Budget apartments set to hit market

Well I too was fascinated by this article but i am now a days vary of new projects just for the same reason that it takes ages to start and complete. The rate looks good for Sriram but need to wait and see if they launch and complete on time. VME to me did not look attractive though.

Chennai: In a move that could have a sobering effect on Chennai’s overheated real estate prices, two builders are all set to launch affordable housing stock at rates as low as Rs 14 lakh for a two-bedroom apartment of 750 sq ft.
Using aggressive pricing and design strategies that promise high value for money are Sriram Properties and VME Properties – both new entrants in the housing sector but doing infrastructure projects for more than two decades.
Sriram is promoting a 1,850-apartment integrated township project at Perumathanallur, off Grand Southern Trunk Road and four km from Guduvanchery, which is linked by suburban railway. Though bracketed under the budget segment, going by the facilities the builder promises, it is comparable with upmarket residential clusters.
P Viswanathan of Sriram Properties, who oversees the project, said, “We will provide vetrified tile flooring, granite kitchen top and ISI standard fittings inside the flats. The common facilities will include gym, swimming pool, lawn, children’s play area, senior citizen’s park, meeting hall, two club houses, a commercial shopping space of 10,000 sq ft and six rooms and suites for guests.”
In two phases over 30 months from the time of project clearance, the group plans to develop about 2.4 million-sq ft residential space, he said, and added that the official launch was slated for January 15.
At a time when the real estate market is on the downslide and many builders who have embarked on costly mega residential projects are stuck due to lack of patronage, the prospect of affordable housing for low and middle income groups may act as a catalyst. For close to five years now, builders in Chennai have been promoting houses only for the rich and the super-rich.

M Murali, MD, Sriram Properties said, “We are not looking at the high-end luxury segment. We have priced it at Rs 1,800 per sq ft to keep it well within the reach of the masses who have been longing to own their dream houses. The key to our low pricing is the high level of standardisation that we will be able to achieve.” This is the segment where the bulk of the demand lies. It is estimated that Chennai requires 30,000 affordable houses per annum.
Sriram is promoting twoand three-bedroom apartments in sizes ranging from 750 sq ft to 1,440 sq ft. The biggest one would cost Rs 30 lakh, said Viswanathan.
The VME project coming up near Chembarambakkam, 500 metres from Bangalore Highway, will have studio, single-bedroom, double-bedroom and three-bedroom apartments. At Rs 2,400 per sq ft, the smallest flat of 507 sq ft would cost Rs 13.7 lakh, said M Kannan, director of the group.
In all, there would be 304 apartments on four acres and the biggest one with 916 sq ft would cost Rs 24.5 lakh, he said.
“Ours is basically a construction group. Being a new entrant in the residential segment, we will bank on the goodwill we have generated by constructing 20 bridges in Tamil Nadu and Kerala over the past two decades,” noted Kannan. Kannan has roped in international realty consultant CBRE for marketing the project.

HOUSE OF COMMONS
Sriram Properties is promoting a 1,850-apartment integrated township project at Perumathanallur, off Grand Southern Trunk Road .
Sriram will provide vetrified tile flooring, granite kitchen top and ISI standard fittings
VME project near Chembarambakkam will have studio, single-bedroom, doublebedroom & three-bedroom apartments.
At Rs 2,400 per sq ft, the smallest flat of 507 sq ft would cost Rs 13.7 lakh

1 Comment

  1. venkataram

    Single bedroom budget flat planning to buy 

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