Matheran Realty to construct low cost houses in Mumbai

March 8th, 2008 - 12:22 am ICT by admin  

Mumbai, March 7 (IANS) City-based real estate major Matheran Realty Pvt Ltd (MRPL) Friday announced the launch of an integrated mega-township project in collaboration with a British partner targeting the low-income groups. Work of the first phase of the Rs.48 billion ($1.2 billion) project, spread across 4 million square feet at Karjat, around 100 km from here in the neighbouring Thane district, will start in April. Bookings will open at an affordable price of Rs.999 per square foot.

London-based Investment firm Eredene Capital Plc will invest Rs.1.31 billion in the project, said S. Hariharan, president of MRPL.

The first phase will see the construction of around 10,000 houses admeasuring between 300-500 square feet and will be ready for occupation by May, he said.

This will be the first of 10 similar projects on around 8 million square feet that are being planned by the company in the periphery of Mumbai.

The project, known as Tanaji Malusare Nagar, will be designed by SKM Australia and will have integrated facilities like schools, colleges, hospitals, theatres and retail plazas.

Hariharan said the company was constructing these well-designed but affordable integrated townships in a bid to improve quality of life for the poor masses. The contract for the ten projects has been awarded to construction company Sterling Construction Systems Ltd (SCSL), Australia.

“This is one of the biggest orders in the Indian realty sector so far. SCSL will build around 200,000 affordable homes for MRPL using our patented technology that complies with best building and green building codes. This project gives us a huge platform to explore our advanced, world-class technology for the first time in India,” said Mark Taylor, chairman of SCSL.

Given the growing need for affordable homes, the company estimates a demand for at least three million homes in this category, said Nikhil Naik, managing director of Eredene Capital India.

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