Builders Eye Mumbai’s Extended Suburbs For Housing Projects - Indian Real Estate Forum

Pinnacle · 26-06-07

Mona Mehta, Mumbai
The Financial Express
In an effort to encourage affordable housing, builders have started eyeing ‘extended suburbs’ for acquiring land and setting up residential complexes.

“With 5 lakh acres of developable land available, apart from flat prices reeling between Rs 1,000 to Rs 2,000 per sq ft, extended suburbs will prove to be one of the best options for builders to provide housing to masses at a value-for-money pricing strategy,” Anuj Puri, chairman and country head, JLL Meghraj said.

Extended suburbs on the western suburbs in Mumbai include areas beyond Vasai and Virar apart from Dombivali, Thane on the eastern belt and Panvel on the harbour route.

Niranjan Hiranandani, managing director, Hiranandani Construction said, “We are planning to acquire 300 to 400 acres of land in extended suburbs. We have always been contemplating plans to provide affordable housing to masses, and extended suburbs offer a good platform to implement the plan as it will not only benefit customers in terms of varied options to choose from, but even builders as well, in terms of generating more volumes of residential units.”

According to Ashish Raheja, managing director, K Raheja Universal, “Since south Mumbai and the suburbs are reeling with steep land acquisition cost, we will definitely opt for extended suburbs instead to acquire land there and provide quality housing to the masses as the land acquisition cost in extended suburbs is quite less and as a result masses there will see development of more and more quality housing.

26-06-07	#1
Pinnacle Member Join Date: Nov 2006 Location: Mumbai, India Posts: 260 My Mood: Thanks: 0 Thanked 3 Times in 3 Posts	Builders Eye Mumbai’s Extended Suburbs For Housing Projects Mona Mehta, Mumbai The Financial Express In an effort to encourage affordable housing, builders have started eyeing ‘extended suburbs’ for acquiring land and setting up residential complexes. “With 5 lakh acres of developable land available, apart from flat prices reeling between Rs 1,000 to Rs 2,000 per sq ft, extended suburbs will prove to be one of the best options for builders to provide housing to masses at a value-for-money pricing strategy,” Anuj Puri, chairman and country head, JLL Meghraj said. Extended suburbs on the western suburbs in Mumbai include areas beyond Vasai and Virar apart from Dombivali, Thane on the eastern belt and Panvel on the harbour route. Niranjan Hiranandani, managing director, Hiranandani Construction said, “We are planning to acquire 300 to 400 acres of land in extended suburbs. We have always been contemplating plans to provide affordable housing to masses, and extended suburbs offer a good platform to implement the plan as it will not only benefit customers in terms of varied options to choose from, but even builders as well, in terms of generating more volumes of residential units.” According to Ashish Raheja, managing director, K Raheja Universal, “Since south Mumbai and the suburbs are reeling with steep land acquisition cost, we will definitely opt for extended suburbs instead to acquire land there and provide quality housing to the masses as the land acquisition cost in extended suburbs is quite less and as a result masses there will see development of more and more quality housing. __________________ Ram

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