Supertech rolls out affordable project in Gurgaon

Project is being priced in the range of Rs 12.87 lakh to 20.28 lakh

Noida-based real estate firm Supertech on Friday announced its first affordable housing project in Gurgaon with an investment of Rs 350 crore.

Priced in the range of Rs 12.87 lakh to 20.28 lakh, the project is being planned according to the affordable housing policy of the Haryana government formulated in 2013. The company's investment will be about Rs 350 crore including the land cost for building 1976 flats with carpet area of 400-600 sq ft.

The project - Basera -- is located in sector 79 and 79B in Gurgaon. Out of a total of 1,976 flats, 95% would be allotted to public through a lucky draw and rest have been reserved as management quota, Supertech Chairman R K Arora said.

The applications from public will be invited from November 24 till December 24 and one has to submit 5% of total price along with the application form.

The project will be delivered in the next four years and construction will be done using pre-cast technology.

Under the Haryana government policy, the developers have been given higher FAR (floor area ratio) of 2.5 as against the normal 1.75. The density norms have also been eased and the EDC (External Development Charge) have been waived-off.

"For the benefit of the buyers, there will be no maintenance charge for 5 years and no escalation charges," Arora said.

The company will launch another affordable project at a cost of Rs 300-400 crore in Gurgaon soon under the same policy.