The real estate arm of the Chennai-based Shriram Group has finalised plans to enter the market for low-budget homes aimed at middle-income groups, reports M Rochan. Shriram is the latest property developer to try and tap into the so-called affordable housing segment as demand for real estate slumps in a slowing economy. Bangalore headquartered Shriram Properties will invest Rs. 500 crore over three years to build over 4,000 apartments in Bangalore, Chennai, Kolkata, Coimbatore and Visakhapatnam, cities where the company already has a significant presence, MD M Murali said. New-Delhi based Omaxe and Bangalore-based Golden Gate, Provident Housing & Infrastructure, Mantri Developers, Ozone Group and Vakil Housing have all outlined plans in recent months to develop affordable housing project. "Our projects will offer value-for-money homes, with prices starting at Rs.13.5 lakh for homes measuring between 650 sq.ft and 1,400 sq.ft "Mr. Murali said. The company hopes to drive down costs by acquiring land on the outskirts of cities and using modern construction techniques. It also expects to benefit from discounts on bulk purchases of construction materials," executive director SS Asoken said.

Courtesy:- ET dtd:- 9th Dec. 2008