subject: Real Estate Updates by Rainbow Vistas [print this page] http://www.rainbowvistas.in/ http://www.rainbowvistas.in/
Cybercity builders and Developers & Ashoka Developers on friday announced a Rs 550-crore integrated township project, Rainbow Vistas, Planned to come up at Kukatpally near Hyderabad.
This project located on a 15-acer site, will entail creation of 1,600 apartments priced between Rs. 28 lakh and Rs. 40 lakh. It is programed to be completed with in 24 months, According to Mr Uttam, Chief executive officer of Cibercity.
Affordable Housing
Given the market conditions the company management that the project is aimed at catering to the in-demand affordable housing segment with 2- to 3-bedroom apartments in a gated community environment.
Mr Uttam said the company was in parleys for development of two malls-one at Kukatpally and other at Madhapur near IT Hub of Hyderabad.
The company executive maintained that there is significant presure on raising finances from a buyer's perspective and some more rate cuts would help ease up the situation.
Affordable Segment
Giving a different perspective about the real estate sector, especially the affordable housing segment, the Chairman and Managing Director of IVRCL, Mr. E. Sudhir Reddy, who have acquired land, say, two years ago, it is very difficult to address the affordable housing segment. Unless the land work out to about Rs. 100 per sq.ft., it is not easy to cater to the affordable housing segment. And to make this Attractive to buyers, we will have to make these apartments extremley small.
There fore even though we have a land bank of 3,300 acres in various parts of the country we are going slow on real estates. The is now limited to a 20-acer site in chennai, and projects in bangalore and Hyderabad,"
