In a speculated billion-dollar project, Mumbai-based Sahara Infrastructure and Housing, the real estate division of Sahara India Pariwar, announced it plans to build 25,000 low-cost homes on a total 900 acres in 10 cities across seven states of India.
Ground-breaking is tentatively set to start in 2.5 years with project completion in five years. Real estate professionals in India say it will be the most ambitious affordable housing undertaking in the country in over 1,000 years.
The tentative estimated price range of the housing is Rs. 5-15 lacs to Rs 12 lakh or in the estimated range of $11,000 U.S. to $13,000 U.S.
(10 lakh in Indian Rupees is 1 million Rupees. Depending on the daily exchange rate, it would convert to different amounts of U.S. dollars every day. It is currently averaging 45 Rupees for every U.S. $1, so10 lakhs would be around U.S $22,222).
The homes will range from 285 square feet studio apartments to one and two bedroom sets. They will be built under the Swapna City brand.
Sahara India managing worker and chairman Subrata Roy said the time to offer affordable housing in India has arrived.
"This affordable housing project is our first such venture," he said at a recent ceremony marking the ceremonial groundbreaking of the project.. "With cities feeling the pressure to cater to supply mass-housing schemes, this project will come as a relief to people who belong to low-income groups."
Roy said "India has always been an attraction to the world for its magnificent architecture and vibrant lifestyle.
"While the magnificence of the ancient marvels of architecture stand tall for the world to see, the standard of living space across the nation has failed to match the change of time and the world standards, primarily due to lack of adequate up-gradation of support infrastructure; load of population and fractured & sporadic planning.
"It is my earnest desire to provide a lifestyle to the citizens of our beloved nation which matches the world's best standards. We have vowed to develop comprehensive real estate projects offering quality lifestyle to people across the board covering not just Tier I cities but also Tier II, III and even small towns, in congruence to the scales of income of people."
He added, "In our endeavor, we have witnessed many ups and downs in the industry and faced many challenges, many due to the magnitude of our vision; but I am happy that we have proved at all steps that our mission is undeterred.
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