Mumbai: Construction company Patel Engineering has managed to find buyers for nearly 150 of the total 1,400 affordable apartments in its Bangalore township, Ashwin Parmar, director, business development, said.The studio, 1-BHK (bedroom, hall & kitchen), and 2-BHK apartments measure 360-865 sq ft and cost between Rs 8 lakh and Rs 22 lakh.
The company has not yet allotted flats to the buyers, who have booked the apartments. The 1 million sq ft Patel Smondoville Neotown, the company’s first residential project, is located in the Electronic City. Patel Engineering carries out real estate development through its subsidiary Patel Realty India (PRIL).
When a home buyer books an apartment, he pays about 10-20% of the property value upfront and pays the rest through the period of the project. If the developer does not complete the project on time, he pays the buyer a penalty.The company aims to complete the township in two years and plans to have 1,400 affordable apartments.
“We have ancestral land of about 1,100 acres in Bangalore, Mumbai, Panvel and Chennai and we are developing about 100 acres in Bangalore,” Parmar said. He said the company’s real estate plans do not involve huge costs since the land is already available.
The firm plans to spend about Rs 1,500 per sq ft in construction costs in the Bangalore project, amounting to Rs 150 crore for 1 million sq ft.The base price per sq ft has been set about Rs 1,850.PRIL has just completed a commercial project of 80,000 sq ft in Jogeshwari, Mumbai and plans to add another 1 lakh sq ft of commercial space in the city.
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