Low-cost housing projects in Sanand in Ahmedabad
Ahmedabad: Paras Pharma’s founder Girish Patel is to invest around Rs. 2,000-crore for developing low-cost houses in Ahmadabad.
Patel’s company, which was running Paras, will launch the township at Sanand near Tata Motors Nano plant on the outskirts of Ahmedabad. The land of 170 acre is 2 km away from the car plant and around 7000 residential units will come up by 2021 in Sanand and will be the next real estate hub like Gurgaon in Delhi-NCR region.
Patel will begin the work on the township project this year. The memorandum of understanding (MoU) will be signed by the state Government during the forthcoming Vibrant Gujarat Investment Summit starting Friday. This township currently employs 38 000 workers from Ahmedabad and neighbouring village.
The units are ranging from 2BHK and the price range will be 9-30 lakh. The developers expects corporates who work as supervisors and managers to book the apartments and invest in the project. This will be a good project which might attract investors who are migrant workers in that region. Also the company is looking at institutional sales or rental partnership which can be backed by good schemes.
Ahmedabad is growing in a fast track basis as a lot of townships came in the city by Godrej, Tata and Adani. Ahmedabad also witnessed one room kitchen houses in which the price starts from 8 lakh. The rise in demand for houses by lower middle-class section is helping the real estate sector of Ahmedabad.
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