Godrej Properties launches affordable housing in Ahmedabad

Moneycontrol Bureau

Mumbai-based real estate developer Godrej Properties on Thursday launched a scheme of affordable housing at Godrej Garden City (GGC) in Ahmedabad. One can buy 1-BHK (bed room, hall and kitchen) flats at prices starting from Rs 16.5 lakh.

"Five new towers, each ground plus 12 storied tall, will offer affordable 1 BHK apartments each measuring 600 sq. ft. at prices starting from Rs. 16.5 lacs. Each tower will be equipped with 2 lifts and all apartments are open from two sides with no two apartments overlooking each other," said a release issued by the company.

The government in association with National Housing Bank – the regulator for housing finance companies, is giving greater thrust on affordable housings in a country of 120 crore population; wherein more than 17% people live in slums.

In his Union Budget 2013 the Finance Minister P Chidambaram had proposed to set up an Urban Housing Fund to refinance banks and financial insitutitions for retail loans in urban areas with an initial corpus of Rs 2,000 crore in 2013-14. NHB will primarily help creating affordable houses and bridging the shortage of about 1.9 crore houses for low income group and economically weaker sections.

The proposed GGC project falls within the Ahmedabad Municipal Corporation limit. In order to facilitate holistic development of the area, the company is creating amenities for public transport, education, healthcare, recreation, hospitality, retail and banking.

The master plan has been created by world-renowned architects Skidmore, Owings and Merrill (SOM), who have designed numerous landmark projects across the globe such as the Burj Khalifa — the world’s tallest building.