Developers line up Rs. 5k-cr budget housing projects.

Helped by the government's budget moves and the Reserve Bank’s (RBI's) recent notification on affordable housing, the big names in the segment are gearing for new project launches.

An investment of Rs. 5,000 crore is estimated for the segment in the current financial year. Among those planning launches are Tata Housing's Tata Value Homes, Puravankara's Provident Housing, Jerry Rao's Value and Budget Housing, Mahindra Lifespace Developers and others.

Leading the pack is Bangalore-based Provident, planning to invest Rs' 2,500 crore to develop five projects, with a total space of at least 10 million sq ft across Bangalore and Hyderabad. Provident's projects will have a total of 8,000 units as against the 6,276 units it had sold from its inception till end-March.

Tata Housing plans to launch three to five projects, with about 1,000 units, involving an investment of Rs 500 crore, by the year-end. Jerry Rao's VBHC plans more launches this year in the Mumbai metropolitan region, Chennai, National Capital Region and Bangalore.

'VBHC already has projects in these cities and we want to deepen focus in these places,' said Rahul Sabharwal, chief operating officer.

Mahindra Lifespace Developers has already said it would launch two affordable housing projects this year, one in Bhoisar near Mumbai and at Avadi, close to Chennai, in the next two months. Between the two, the projects would have about 2,000 apartments. Based on their success, it would launch more such projects in other cities.

BS