Assotech plans low-cost housing project

Encouraged by the growth in demand for affordable housing projects in the country, Noida-based real estate player Assotech Limited is exploring the possibility of developing a low-cost residential project in Bhubaneswar.

“We are open to develop a low cost housing project in Bhubaneswar if there is a good market response for such projects. Ideally our low cost homes would be available at about Rs 15 lakh to the desired customer segment”, Rajeev Rai, vice-president (corporate), Assotech Limited told Business Standard.

Meanwhile, the real estate developer is also developing low-cost housing projects in locations like Gwalior and Rudrapur (Uttarakhand).

Assotech’s proposed residential project in Gwalior would comprise about 1,000 dwelling units in all and they would be a mix of both affordable and high-end apartments. The price of these apartments range from Rs 13-Rs 50 lakh.

The company which commenced construction work on this project in August last year is ready to deliver 175 apartments by August this year out of which 100 units are low-cost apartments priced at about Rs 13 lakh each.

In Rudrapur, each of the low-cost apartments developed by Assotech would be available to the customers at around Rs 15 lakh.

Earlier, Assotech had announced its Cosmopolis project in Bhubaneswar which the company was keen to develop over an area of 8.93 acres at Dumduma on National Highway-5, close to the archaeological sites of Khandagiri and Udaygiri.

“We expect to resume construction work on our Cosmopolis project by the middle of May this year and the entire project is expected to be completed within a span of three years. The dwelling units in Cosmopolis would be priced at about Rs 25 lakh each”, said Rai.

This project is being developed by Assotech in a strategic alliance with the city-based B Engineers and Builders Limited Assotech has received all the relevant clearances from the Bhubaneswar Development Authority for the Cosmopolis project.

Cosmopolis would consist of 17 floors and 666 dwelling units. This high rise complex would offer facilities like club house, swimming pool, fully equipped gymnasium, steam sauna, library, party hall, card room, table tennis and billiards.

The project will also offer environmental friendly features like rainwater harvesting system to replenish ground water as well as environment friendly waste disposal and sewerage treatment. Besides, precautionary measures like fire fighting system and earthquake resistance would be a part of the project.

With over two decades of experience, Assotech Limited is one of the leading real estate developers providing real estate solutions and expertise in design and construction. The company is advancing at a fast pace to be one of the most creative and innovative real estate players in segments like housing , retail, corporate, hospitality and ITes (information technology enabled services).