Noted real estate developer from Mumbai, Ruparel Realty, is planning to develop a whopping 7, 500 affordable housing units by the year 2022. The company has already delivered around 1, 025 affordable apartments since it commenced its journey in the year 2000. These new projects are being constructed by the company in multiple areas in Mumbai as per reports.
There is a huge demand for affordable homes to the tune of. 20-25 lakh units in Mumbai with 1-3 BHK configurations as per several studies. First-time affordable homebuyers can now get interest subsidies of Rs. 2.67 lakhs under the PMAY (Pradhan Mantri Awas Yojana). Apartments which measure up to 320 sq. ft. or 30 square metres will be kept in the affordable housing segment. 1 BHK apartments priced lower than Rs. 1 crore and 2 and 3 BHK apartments which are priced at Rs. 1.5 crore and Rs. 2 crore respectively, also fall in this category.
Ruparel Realty is currently working on its Kandivali real estate project where there are 5, 000 apartments. The project was launched back in April 2017 and prices range between Rs. 52-60 lakhs on an average. The project is already successful since 1, 500 apartments in the first phase have already been sold out. Another project at Chembur comprises of 2, 500 apartments and the first phase, containing 250 apartments, is being built at present. There are smaller realty projects in the affordable housing space which are located in areas like Matunga, Dadar, Parel and Palm Beach and these are in diverse stages of development.
Real estate developers in India are increasingly focusing on the affordable housing segment and Ruparel Realty is out to set new benchmarks in this space as well. Land prices have already gone up by approximately 9 times over the last 12 years or so, making it difficult to create affordable housing projects. Other major projects by the company in Mumbai include Ruparel The Orion, Ruparel Iris and Ruparel Mirage.