Value & Budget Housing Corporation has launched its first residential project in Chennai targeting the first time home buyer.

The company, which is focussed on affordable housing with units priced between Rs 5 lakh and Rs 20 lakh, has started work on the VBHC Vaibhava at Oragadam, an industrial hub to the west of Chennai.

Initially, it will offer two-bedroom units of close to 800 sq.ft priced at about Rs 16.6 lakh. It has started work on 148 apartments distributed across buildings of stilt plus four floors. The rate works out to about Rs 2,099 a sq.ft.

Announcing the launch, its chairman, Mr J Rao, said the project is in line with the company’s plans to offer a quality product at a reasonable price – a sustainable business model. Its homes will carry a price tag about 15-25 per cent cheaper than equivalent products in the market while not compromising on the quality.

A professional set up, a tight production line as practised in the manufacturing sector, modern technology, reasonable profits and above board transactions are key to the business model, Mr Rao said.

Projects are announced only after all statutory clearances are obtained and delivery is targeted at about 12-18 months. With aluminium form work construction, the mechanised construction involving poured concrete using aluminium moulds helps speedy delivery.

The company’s first project in Bangalore has started delivering finished units to buyers. Of the 1,864 homes in the first phase there, the company has sold 1,100 and delivered nearly 400. It announced subsequent phases of the project.

Its initial success has supported its expansion as a national player with projects planned in the NCR and Mumbai, apart from additional projects in Chennai and Bangalore.

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