Megalith Ventures who are known for creating many Affordable Housing projects has recently announced to build 60,000 houses under the Economically Weaker Section category. These houses will be developed in next four years across many cities of Karnataka and further move towards other states including Maharashtra, Tamil Nadu, and Telangana.
Elaborating on the above development, Mallanna Sasalu, founder Megalith Ventures said, “We are targeting economically weaker and low-income group sections and will build homes of 365-550 sq ft in 10-15-lakh price range in the periphery of larger cities,”
Out of all, the first project will be constructed in the outskirts of Bengaluru. It will have 2,000 units spread over 22 acres of land in Nelamangala.
Sasalu further added that most of these projects will come up on 20-30 acres of land parcels. Megalith Ventures is planning to build modular affordable homes across the periphery of larger cities.
With deep understanding in the Indian real estate market, Megalith Ventures have built multiple enterprises and large-scale residential and commercial developments over 15 million square feet of area. They have also developed various global infrastructure projects such as Airports and Power Projects in the Asia Pacific Region and America.
In the last few years, the central government has put lots of emphasis on affordable and mid-income housing segment. They have also launched many policy initiatives such as the credit-linked subsidy scheme or CLSS and the lowering of the goods and services tax rate to help this segment grow more. Due to these policies even developers these days are announcing more and more affordable projects to lure home buyers under this category.