Century Real Estate to invest in low cost homes
Century Real Estate, which has a huge land bank in Bengaluru, will enter affordable housing segment and invest Rs 1,100 crore to develop 7,000 homes in the next five years.
The company also plans to launch about 1,350 plots next year in two projects and expects a sales realisation of about Rs 600 crore, its managing director RavindraPai said.
“We have more than 3,000 acres in Bengaluru and our aim is to monetise our land parcels at best price,” Pai told.
In 2018, the company plans to launch four affordable housing projects in Bengaluru comprising 4.5 million sqft of developable area and about 7,000 apartments. The projects would be executed in the next five years, he added.
Asked about the investment, Pai said: “We already have the land for these projects. The construction cost would be about Rs 1,100 crore”.