The Hindu Business Line : Golden Gate Properties plans more affordable homes in South

Kochi, Feb. 6 Golden Gate Properties, which had launched affordable housing — Commune — at Rs 19 lakh in Bangalore, has plans to set up similar projects across six more cities in South India in the next two years. The cities include Chennai, Visakhapatnam, Coimbatore, Mangalore, Mysore and Vijayawada.

Golden Gate is the first company in the country to launch affordable housing in Bangalore in August 2008 and the response has been overwhelming since it launched the second project in Hyderabad, Mr Parag Sen, Vice-President (Marketing and Sales), said at a press meet.

Commune is a self sufficient township that promotes the concept of community living and it will offer 2 BHK and 3 BHK living spaces with sizes ranging between 900 sq ft and 1,350 sq ft. The first phase comprising 324 apartments was almost sold out within three months of the launch, he added.

According to Mr Parag, affordable housing can indirectly propel growth in the real estate sector, which is in a downward spiral. It will also propel demand in priority sector lending by enabling the common man to avail himself of the credit facility as envisaged by the RBI. Banks are encouraged to lend loans under Rs 20 lakh under priority sector lending norms.

Innovative tech

Commune has been designed by world renowned architect Andy Fischer and Golden Gate has deployed smart and innovative use of modern construction technology to bring down the cost of construction, thereby making it possible to deliver homes at affordable prices. The technology used in the project will make it one of the safest buildings according to international norms, having used 100 per cent concrete solutions, Mr Parag said.

He said the project will be showcased in Kerala at the Makan Property Exhibition to be held at The Gateway Hotel, Kochi on February 7 and 8.

Asked whether they had any plans to set up similar projects in Kerala, Mr Parag said they are in the planning stage as land cost is critical for such projects.

Unless the company got land at affordable prices, it would be difficult to launch such projects in Kerala, he said.

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