Sahara India arm launches low-cost housing scheme

Lucknow: Sahara Infrastructure and Housing, the real estate arm of Sahara India Pariwar, on Sunday launched the group's first low-cost housing project in India. To be branded as Swapna City, houses built as part of the project will cost between Rs 5.5 lakh and Rs 12 lakh and will come up across 366 Tier-II and Tier-III cities in India. Houses built under this project will range from 285 square feet studio apartments to one and two bedroom sets.      Sahara India managing worker and chairman Subrata Roy said the projects are expected to be completed over the next three to five years. "This affordable housing project is our first such venture. With cities feeling the pressure to cater to supply mass-housing schemes, this project will come as a relief to people who belong to low-income groups," he said. Roy also said seven to 10 affordable housing projects were on the anvil in the National Capital Region, near Dwarka, and Ghaziabad where the group has already acquired land.      The group also announced the launch of 10 lifestyle township projects, nine self-sufficient integrated townships under the Sahara City Homes brand and one premium residential apartment cluster called Sahara Grace, which were inaugurated across Pune, Bareilly, Jodhpur, Gwalior, Aurangabad, Solapur, Porbandar, Kashipur and Katni on Sunday. After Kochi, the second premium residential apartment cluster in Cuttack in Bhubaneswar was also launched.      Announcing the group's future plans in the real estate business, Roy said Sahara India would introduce 58 real estate projects in the current fiscal. Out of 58 projects, 21 will be township projects, while 37 projects will belong to the affordable housing segment.      Sahara Infrastructure and Housing would also, in the future, foray into rural housing schemes. Roy also said the projects will be maintained by the group for the first 10 years after being developed; maintenance will, subsequently, be handed over to the housing societies. Sahara India managing worker and chairman Subrata Roy