Peninsula Land sells 650 flats worth Rs 150 cr in Pune housing project

Ashok Piramal group's realty firm Peninsula Land has sold 650 flats worth Rs 150 crore in its new affordable housing project at Pune on improved demand for low-cost housing because of government incentives.

The centre has accorded infrastructure status to the affordable housing. It is also providing interest subsidy and lowered GST for buyers in this segment at 8 per cent as part of its objective to boost demand and achieve 'housing for all' target.

Last month, Mumbai-based Peninsula Land had entered into affordable housing segment with its first project in Pune, where the company would develop 1,000 apartments.

Peninsula Land said in a statement that it has sold over 650 apartments in its newly launched project 'addressOne' at Gahunje, Pune.

"The value of these apartments sold is over Rs 150 crore...," it said, adding that the 50 acre-project offers apartments at a starting price of Rs 18 lakh. ANAROCK Property Consultants is strategic partner for this project.

"We recently launched this project and we have already sold over 70 per cent of the 900 units opened for sales at our project," said Nandan Piramal, Director (Sales and Marketing), Peninsula Land.

This is the company's second project in Pune. It has already completed a luxury housing project in Hinjawadi. Peninsula Land is developing 8 projects in Mumbai, Pune, Bengaluru, Goa and Nashik. The company has so far completed 13 projects, mostly in Mumbai.