Shriram Properties is planning to take up housing projects in Rajahmundry and Vijayawada, according to Mr M. Murali, Managing Director.
He was addressing the press here on Thursday after participating in the “bhoomi puja” for the block two in the housing project of the group - Shriram Panorama Hills - at Endada. He said the projects in Rajahmundry and Vijayawada were still in the preliminary stage, and sites had to be acquired for them. “We are keen on taking up housing ventures in the two coastal towns and later in other towns of Andhra Pradesh as well,” he said.
He said the group was focussing on middle-class and upper middle-class housing ventures, but not on luxury housing for the affluent sections. “There is a huge housing scarcity and unmet demand in the country. It is estimated that there is a deficit of 20 million homes right now and it is bound to increase. Therefore, there is room for any number of developers,” he said.
Mr Murali said Panorama Hills here was a mega housing project, taken up at a total cost of Rs 1,800 crore, to build 2,000 apartments and 220 villas. “We are completing it in phases and the whole project may be completed by 2014-15. We have already sold 430 units and 120 villas,” he said.
Mr Asokan, Executive Director, said the construction of block-4 was in the advanced stage and most of the apartments and villas were sold out. “We have performed bhoomi puja today for block-2 with four towers consisting of 680 apartments. They are affordably priced at Rs 2,350 per sq ft. The block has 17 floors, we have already sold 160 units in the block,” he said. He added that a “unique, eco-sensitive design” had been developed for the block. It would be completed in roughly two years' time.
Mr Gan Bhuktha, Chief Commercial Officer, and Mr G.V Ramana Murthy, CEO, also spoke on the occasion.