The demand for value homes in Bangalore is close to 1 lakh units,says M Murali,MD,Shriram Properties.Shriram has sold 1,288 homes priced between Rs 18 lakh and Rs 30 lakh since 2009.The developer is launching another housing project comprising 2-BHK and 3-BHK homes priced between Rs 25 lakh to Rs 40 lakh.Puravankara Projects,which entered the value segment in 2009 with a separate brand called Provident,reported that 50% of its revenues of Rs 247.37 crore in the June quarter came from Provident.The company has sold 4,500 such homes across Chennai and Bangalore,and is launching a mega project of 6,000 homes under this brand on Mysore Road in the next two months.The 2-BHK units will be priced at Rs 17 lakh and 3-BHK at Rs 25 lakh.
From the developers point of view,this segment gives them good sales and helps them monetize their land much faster, says Avinash Rao,regional director (south) of property consultancy Knight Frank India.
Sushil Mantri agrees: Since pre-sales on such projects are good,the capital required to see these projects to completion is much lower. Mantris Alpyne project in Uttarahalli,priced from Rs 27 lakh onwards,was a success.Prestige Estates Tranquility,located off Old Madras Road at Budigere,is also a big success.
Rao of Knight Frank estimates that in the last calendar year 35% to 45% of the total residential inventory consumed in the city came from units priced in the Rs 25 lakh to Rs 50 lakh bracket.
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