Renowned developer Ruparel Realty is planning to invest a massive amount of money in the affordable housing segment of Mumbai. The company has planned to develop around 7, 500 affordable housing units by the year 2022. While, the group has already delivered around 1, 025 affordable residences from 2000 till date; the rest will be constructed in multiple areas of Mumbai.
Currently, Ruparel Realty is building various affordable projects in areas like Kandivali, Chembur, Matunga, Dadar, Parel and Palm Beach which are in various stages of development. In Kandivali, they are constructing around 5000 apartments in the range of 52-60 lakhs on an average. The project was launched back in April 2017 and about 1500 apartments have already been sold out in the first phase.
On the other hand in Chembur, Ruparel is coming up with Ruparel Orion, wherein they are offering around 2500 affordable units, of which 250 is being built at present.
Several studies in Mumbai show that there is a huge demand for affordable homes to the tune of 20-25 lakh units with 1-3 BHK configurations. With many initiatives from Government, now first-time affordable homebuyers can get interest subsidies of Rs. 2.67 lakhs under the PMAY (Pradhan Mantri Awas Yojana).
In a statement, Ruparel Realty said, “Generally, flats measuring 30 square meters or 320 square feet are included in the affordable housing category. One BHK flats priced under Rs. 1 crore and two and three BHK flats, priced around Rs. 1.5 crore and Rs. 2 crores, respectively, come in this category.”
According to realty experts with such initiative, Ruparel realty is setting a benchmark for other developers to increase their focus more on the affordable housing segment.