Ruparel Realty, leading Mumbai-based real estate developer, will provide 7,500 affordable flats to the citizens of megapolis by 2022. The firm, which has already provided 1,025 affordable apartments since its inception in 2000, is currently developing these new projects in different areas of the city.
At present, Mumbai has a demand of 20-25 lakh affordable houses of one to three BHK flats. Under the Pradhan Mantri Awas Yojana, first time buyers of an affordable house get a subsidy of Rs2.67 lakh. Ruparel said, generally, flats measuring 30 square metres or 320 sq ft are included in the affordable housing category.
One BHK flats priced under crore and two and three BHK flats, priced around Rs1.5 crore and Rs2 crore, respectively, are in this category. The real estate developer’s latest project in Chembur has 2,500 flats, with first phase of 250 flats under construction now.
Its other smaller projects under the affordable housing category are in various stages of development in areas like Palm Beach, Matunga, Parel and Dadar. Several large and mid-size builders still remain unsuccessful in providing homes to low income customers, a report by consulting firm FSG and National Housing Bank (NHB) found recently.
Source : Construction Week