The Sobha developers, a real estate firm known for building luxurious residential projects has now showcased its interest to construct residential projects for the mid-income groups. The company took this decision in regard with the rapidly increasing demand for dwelling units in this group.
The company is planning to launch two mid-income housing projects initially within the current fiscal year i.e. 2018-19. Each of these residential projects is planned to be developed in Bengaluru and Gujarat.
The mid-income homes planned to be launched will cost Rs. 35 lakhs onwards and will be marketed under Sobha Dream which is a new brand under the flagship of the same company. Apart from these housing projects, the Sobha developers are also planning to launch some commercial projects.
Similarly, the residential projects to be sold under the banner of Sobha developers will continue to cost Rs. 1crores. At present the company is earning nearly 65% of its revenue from the projects that are priced either at Rs. 1 crore or more.
In the first two quarters of the current financial year, the company has sold 2 million sq. ft. of housing projects.
JC Sharma, the Managing director of the company said that we are planning to expand the mid-income homes under the Dream series in all major cities in India. We also plan to replicate the same model in various other cities including Delhi-NCR, Chennai, Pune and Hyderabad.
The Sobha developers are planning to launch approximately 8.6 million sq. ft. of residential projects over the next two quarters and they are also likely to have nearly 20% of the new launches under the Dream series in the coming quarters.
The Government’s initiatives to focus on affordable housing segment by introducing a credit-linked subsidy scheme and lowering of goods and services tax to 8% from 12% are the primary reasons for the growth of this segment.