Vascon Engineers forays into affordable housing

Real estate firm Vascon Engineers today announced its foray into the affordable housing segment with the launch of a Rs 110-crore residential project in Pune.

Spread across 10 acre, the project will offer one-room-kitchen and one and two-BHK homes ranging from 227 sq ft to 462 sq ft, and priced between Rs 13.62 lakh and Rs 27.74 lakh, the company said in a release.

The project, which will be developed in two phases, will comprise nine buildings with around 1,140 units.

"In the initial phase, the company will be launching around 500 units, that will comprise of six and 11 storeyed buildings," it said.

Siddharth Vasudevan, managing director, Vascon Engineers said there has been a huge rise in the demand for affordable housing projects in recent times.

"The increased urban migration as well as the various initiatives by the government a has fuelled the growth in housing needs," he added.

Vasudevan said the company will be making a total investment of Rs 110 crore for the project and expects sales to the tune of Rs 200 crore.

"We will be completing and handing over the possession of the project within three years," he added.