Prajay Engineers Syndicate Ltd announced its plans to develop 15,000 affordable homes by the year 2019 in Hyderabad and its surrounding locations where the company has developed a land bank.

The real estate company, which is into development of 'luxury homes at affordable prices,' over the past three decades, is now looking at the huge latent market for affordable homes for the middle income and lower income groups, according to D Vijay Sen Reddy, CMD of Prajay Engineers.

The company is seeking to take advantage of the various benefits extended by the Union budget 2016 under section 80 IBA and Pradhan Mantri Awas Yojana, and facilitate development of two bedroom homes which are affordable and within reach of common man.

Announcing the induction of niece Nayanika Reddy, a graduate from London School of Economics, daughter Sarojini Reddy and architect and son Rohit Reddy, a civil engineer from Pennsylvania State University into the company business, he said “the infusion of young talent would enable the company to take up new projects and expand business while ensuring various tax benefits that accrue to first time buyers are passed on to the people.”

The company has thus far delivered over 100 projects over the past three decades.

The housing projects–Prajay Waterfront City Phase-II close to the Shamirpet and Biotech Park will see the development of two bedroom independent homes of about 750 sq.ft of built up area on a 140 sq.yard land. The company proposes to offer these at Rs 15.3 lakh at the project launch for the first 50 houses.

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