Property developer Prestige Group Plans Houses in Rs 12-25 lakh range

July 27, 2009
Property developer Prestige Group is evaluating building houses in the Rs 12-25 lakh range as it believes this segment will bring in volumes. On whether this will be a viable option for the builder, Irfan Razack, Chairman and Managing Director, Prestige Group, said, “This depends on where we get land at reasonable prices. We will have to see where else to cut costs.
“Obviously, the size of the unit will reduce. We can’t go high rise - the houses will be spread horizontally and they will be in the outskirts of Bangalore, at least 30 km from the city. But we will provide the same ambience as in other residential projects.” This comes at a time when many real estate players have been making an entry into affordable housing of late. Razack also said that the industry is pitching for the formation of a Special Residential Zone in the country. “The Confederation of Real Estate Developers Association of India is in talks with the government for quality urban development.” The houses in the SRZ could be in the 400-1,500 sq ft range. They will cost 30-40 per cent lesser than the market rates today, he said.
Razack was addressing the media to announce the completion of two of its residential projects - Prestige Kensington Gardens and Prestige Wellington Park, which together house around 900 apartments, in Jalahalli in north Bangalore. Last month, the company opened the Forum Value Mall in Bangalore. Prestige’s most touted residential townscape project ‘Shantiniketan’ in Whitefield is “on the verge of delivery”, said Razack. Houses will be handed over in phases starting next month.
Ref:http://www.indianrealtynews.com/real-estate-developers/property-developer-prestige-group-plans-houses-in-rs-12-25-lakh-range.html