For those of you who are middle class and who are looking to buy affordable, low-cost homes/houses, especially in Bengaluru, there is good news for you folks! Century Real Estate, India’s leading real estate Company, based in Bengaluru, plans to invest Rs. 1,100 crores to build 7,000 low-cost apartments in Bengaluru over the next five years (i.e., by 2022). The 7000 apartments will be built through four housing projects and a total of 4.5 million sq. ft. of land will be used for the purpose. Read more on Investments
“We already have the land for these projects. The construction cost would be about Rs. 1,100 crores”, Ravindra Pai, MD of Century Real Estate said.
Pai also said that the company is in talks with private equity investors to raise Rs. 1000 crores to build the apartments. Housing developers nowadays are focusing on developing office projects rather than residential apartments as the real estate sector has been facing a slowdown in growth since 2010 and since office projects attract huge investments from domestic as well as foreign investors. Century Real Estate has so far built 3000 apartments through 15 projects using 2000 plots of land. The company was founded in 1973 by Dayananda Pai. It initially acted as a land aggregator and facilitator for big corporates. So far, it has provided land to almost all the big corporates in Bengaluru. During 2007, Century Real Estate became a real estate developer on its own and started undertaking real estate projects on its own and has so far built around 3000 apartments. Hopefully, the middle class of Bengaluru and nearby towns will benefit from this new initiative taken by Century Real Estate and will be able to buy the affordable apartments going to be built by Century Real Estate in the near future (during 2018). Read more on Startup News