Vasathi Housing and Infra Plan Affordable Housing in Hyderabad

Published: July 16, 2010 at 2:06 PM | Author: Administrator
News Source: Indian Realty News

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Vasathi Housing and Infra has sewn up plans to invest about Rs 150 crore in setting up integrated affordable housing ventures in Hyderabad. Further, it is also planning to enter Bangalore and Chennai next year with similar projects.

The Hyderabad-based company has recently secured funding worth about $5 million through a group of foreign investors led by Vasathi Ventures based in the US, and expects another round of funding of about $30 million within couple of months to undertake several affordable housing ventures, according to a report published in Business Line. The chairman and CEO of the company, P V Ravindra Kumar, said "Our survey of the real estate market shows that there is huge untapped potential for affordable housing segment in major cities and metros including Hyderabad, Bangalore and Chennai. The company is aiming to address this gap."

Kumar said the company promoters have thus far executed over 2,000 apartments spanning over 2 lakh sq ft. Plans are to develop two integrated mini townships at Bandlaguda and another project at Qutballapur near the Mumbai highway. Together, these projects will have over 700 apartments with built up area of about 900 sq ft to 1,300 sq ft.