Alishan, Morningstar plans low-cost homes

Low cost housing projects seem to be the order of the day and the city's realty market is gradually gearing up for such projects.

Three years down the line, the low income groups in the city can own their homes at a price ranging from Rs 5-9 lakh.

Two city-based realty players Alishan Realcon Ltd and Morningstar Ventures Ltd have joined hands to offer homes in the price bracket of Rs 5-9 lakh at Pitapali near the upcoming Infocity-II region on the outskirts of the city.

These low-cost homes would be offered in the 'Little Odisha' project to be developed by Alishan Realcon and Morningstar Ventures at a cost of Rs 750-800 crore.

 

“The Little Odisha project to be developed on a 37-acre plot, will have 1032 dwelling units in all. It would be a mix of group housing projects and simplexes”, said Manoj K Dash, managing director, Alishan Realcon Ltd.

The group housing projects will be in the form of three-storied apartments with a built-up space of 360 sq ft with each flat priced at Rs five lakh. The simplexes would offer a plot area of 1000 sq ft and a built-up area of 470 sq ft and would be priced at Rs 8-9 lakh.

The bookings for these low cost homes would be opened in the first week of February this year. Construction work on the Little Odisha project is scheduled to take off by the end of this year and the project would be delivered to the customers in 2013.

Chakrapani Sarangi, managing director, Morningstar Ventures Ltd said, “The Little Odisha has been conceived as a theme-based and up to date residential complex having the best of amenities and conveniences. The companies developing this real estate project have the same vision and together we will establish a tradition of commitment and professionalism.”

The residential complex will have public utilities, health care services, financial services, multi-cuisine eateries, in-house transportation facilities and full insurance cover to the apartments and simplexes.

Besides, there will be a cultural complex within the complex which will depict the ethnic culture found in places like Sambalpur, Berhampur, Puri, Koraput and Mayurbhanj.

Apart from offering low-cost homes, the two real estate players will also jointly develop Sun Rise City- a high-end residential complex at the Patia locality in the city.

This complex would consist of duplexes and apartments equipped with facilities like gymnasiums, swimming pool, mini-theatre, 24-hour pharmacy store, recreation room, sports arena and library.

The two real estate firms are also mulling to set up a fully residential school providing need-based education up to the 12th standard. Plans are also afoot to set up a food processing unit but details are yet to be worked out.