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Santosh Associates launches low cost housing project in Ahmedabad

BS Reporter  |  Mumbai/ Ahmedabad 

City-based real estate developers, Santosh Associates, launched its low cost housing project, Omshantinagar-2, in Gujarat on Friday. The project is part of a Rs 70 crore memorandum of understanding (MoU) signed by Santosh Associates during the Vibrant Gujarat Global Investors' Summit 2009 (VGGIS) for 2,000 low cost flats.

Priced at from Rs 3.5 lakhs onwards for 1BHK and Rs 5.25 lakhs onwards for 2BHK, the flats are sized at around 58 sq yard and 75 sq yard. "Omshantinagar-2 will comprise different residential buildings like two room with kitchen and three room with kitchen flats. We want to cater to the middle and lower middle income group which is why we have priced it so low," said Taral Bakeri, partner, Santosh Associates.

According to Bakeri, the project will feature around 1,000 such flat in the first phase which will later be expanded. "When the real estate sector was booming, people in the middle and lower middle income bracket did not buy properties and were waiting for prices to fall. Now even in slowdown they have been discouraged to buy which is why we have brought out this project to encourage people to buy properties," he added.

The low cost housing project is also being supported by HDFC, SBI, IDBI, SEWA Mahila Bank and Gruh Finance for property loans, said Bakeri.

First Published: Sat, May 09 2009. 00:34 IST