Megalith to build 60,000 houses for economically weaker sections
Affordable housing firm Megalith Ventures plans to build 60,000 houses in the next four years across major cities in Karnataka, apart from venturing into cities in other states including Maharashtra, Tamil Nadu and Telangana.
“We are targeting economically weaker and low-income group sections and will build homes of 365-550 sqftin ?10-15-lakh price range in the periphery of larger cities,” said MallannaSasalu, founder of Megalith Ventures.
The first project is coming up on the outskirts of Bengaluru and will have 2,000 units spread over 22 acres of land in Nelamangala.
“Most of these projects will come up on 20-30 acres of land parcels. We want to make modular affordable homes across the periphery of larger cities,” said Sasalu.
A former managing director of residential real estate business at Assetz Property, where he was responsible for expanding residential business, Sasalu had quit the Singapore-based firm earlier this year.
He was also overseeing the Equis Funds Group investment in the mid-market housing business of the firm.
The centre’s emphasis on affordable and mid-income sections with policy initiatives such as the credit-linked subsidy scheme or CLSS and the lowering of the goods and services tax rate has helped the industry grow, as per real estate sector executives.
The firm is also in talks with institutional and private investors to launch an affordable housing platform to expand its presence in other states.