Although the real estate sector, particularly in high-end and premium segments, isn't exactly booming, the demand in affordable housing has only increased. A number of housing projects offering apartments priced around Rs 10 lakh have elicited good response in Gujarat in recent months.

Sensing this demand, two major business houses, the Tatas and the Lalbhais, have come together in a 50:50 joint venture to develop affordable housing projects. While Tata Housing Development Company Ltd will offer expertise to develop, Arvind Real Estate, the Group's real estate arm, has a 138-acre land bank. Booking for this township, situated nearly 20 km from Ahmedabad, commenced on March 1. Buyers will get possession of their houses in 24 to 30 months.

The integrated township, known as “Shubh Griha”, will be meant for those having family incomes between Rs three and six lakh per annum. The township, spread across 18 acres, within the Arvind land bank of 138 acres, will have a total of 1091 units in low-rise (ground-plus-four storied) apartments. They will be priced between Rs 7.92 lakh and Rs 12.33 lakh for carpet areas ranging between 293 and 457 square feet, and allotments will be made through lottery, said Mr Brotin Banerjee, Managing Director and CEO, Tata Housing, and Mr Kamal Singhal, CEO, Arvind Real Estate.

Joint development

A special purpose vehicle (SPV), Arvind and Smart Value Homes LLP, has been created for developing the integrated township project. Another project, for middle-income groups, will be started after six months. This is Tata Housing's first real estate foray in Gujarat. The Shubh Griha scheme has been launched after the company's success at Boisar and Vashind on the outskirts of Mumbai, Mr Banerjee said. To finance houses for low income groups, the JV has tied up with micro-finance organisations to arrange loans for those working in unorganised sectors. Tata Housing had signed a memorandum of understanding with the Gujarat Government, during ‘Vibrant Gujarat' in January 2011, seeking to invest Rs 1,000 crore in developing two integrated townships.

The Tata-Arvind township, having a built-up area of more than 90 lakh square feet, will be one of them. In addition, Tata Housing is also scouting for land to develop another township of its own. Last year, Arvind Ltd had announced diversification into the realty sector by unlocking its 600-acre land bank in and around Ahmedabad. It had also formed a JV with a major local player, B. Safal Group, for a Rs 225-crore project in the Khokhra area of the city. Tata Housing's projects in Gujarat will be developed as per the Indian Green Building Council (IGBC) guidelines. The company is developing more than 4.50 crore square feet, which is under various stages of development, and is being built as per the IGBC guidelines.

Aster Court Premier in Gurgaon

Orris Infrastructure has launched Aster Court Premier a high-end residential project in Sector 85, New Gurgaon.

The NCR-based developer and land consolidator with a 1,000-acre land bank will offer premium condominiums with modern amenities set amidst landscaped gardens at the new project, said a press release from Orris Infrastructure. Orris Aster Court Premier, designed and landscaped by Nelson, USA, has two variants of compact units of 3-bedroom and 4-bedroom units. Each floor will have just two units to enhance privacy. A 10,000-square-foot club within Orris Aster Court Premier will give access to all the facilities that one is used to for entertainment and fitness. The location advantage that Orris Aster Court Premier offers is that it is less than half an hour away from the domestic and international airports and less than 5 minutes from the Multi-Utility Corridor and Dwarka Expressway. A 60-meter road connects Orris Aster Court Premier directly with NH 8, which is a 5-minute drive away. Orris Infrastructure, set up in 2007, is an NCR-based infrastructure development group with a sales turnover of Rs 500 crore.

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