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May 09, 2009, 04.37 PM IST | Source: CNBC-TV18

Now, houses for Rs 5 lakh in Bangalore

From the pioneer of low-cost flying to low-cost housing, you may soon be able to buy an apartment in Bangalore for just Rs 5 lakh. All thanks to Bangalore-based CSC constructions' low-cost housing project. CNBC-TV18's Vineetha Athrey reports.

From the pioneer of low-cost flying to low-cost housing, you may soon be able to buy an apartment in Bangalore for just Rs 5 lakh. All thanks to Bangalore-based CSC constructions' low-cost housing project. CNBC-TV18's Vineetha Athrey reports.

Also read: Low-cost homes to work on economies of scale: Tata Housing

Here is a verbatim transcript of the exclusive comments with Vineetha Athrey on CNBC-TV18.  

The craze for low-cost housing to boost demand and enhance cash flow has snared its next victim: Bangalore-based CSC Constructions. The company has launched 3 projects in the IT city, where one can buy 300 square feet apartments for just 5 lakh rupees. The 2,000 apartments on offer also boast apartments of up to 800 square feet, which are priced at around Rs 13 lakh. WIth low margins and tie-ups for the land, CSC has 6 more such projects in the pipeline. 

Sukanand, MD, CSC Group, said,” We're also in talks with international chain, which we're going to be associated with in terms of procuring materials from across the world. So once we get cost effective materials from across the world I'm sure we'll be able to achieve what we've said.”  

More low cost houses?  

These apartments will come up within a 20 kilometre radius of the city. At this distance from the central business district, experts say the real challenge will be providing good infrastructure.  

Anurag Mathur, MD, Cushman and Wakefield, said,” These houses will they be in a location that's viable. They will have access to health care, work place, transport, water, power, sanitation. So all these factors will define how sustainable this is.”  

To answer some of these worries, CSC plans to provide a shuttle service to certain points inside the city. 

Rush to build low cost homes

CSC says that the target buyers are the middle-income groups. But experts believe that for this pricing and location, which is around Electronic City and the Bangalore International Airport, they will be able to target a fresh segment. The low-income groups whose monthly income is around Rs 10,000.

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