Brigade, a Bangalore-based real estate developer, announced plans to build its eighth integrated residential enclave near Aerospace Park near the Bangalore International Airport.
It will be an affordably priced 50-acre project comprising 2 and 3 bedroom units.
Each flat in the project will cost less Rs 45 lakhs, excluding government levies and maintenance charges, said Brigade. This will qualify them for the 1% GST slab.
The first block will be called Gallium, and is now open for booking.
It comes with 2 and 3 bedroom apartments ranging from 795 sq.ft to 1068 sq.ft, with carpet areas of up to 60 sq.mt.
“The project boasts of 40-acres of open space including a 10-acre central park, and a host of amenities like clubhouse with pool, cricket pitch, tennis court, basketball court, volleyball court, football field, open air amphitheater, bicycle track, peripheral walkway, pet park and many more.,” Brigade said.
Due to the configuration of the project, they qualify for Pradhan Mantri Awas Yojana (PMAY) scheme under which buyers can get a government subsidy of up to Rs 2.67 lacs on the interest component of their loans.
“The latest trend in large residential developments has been the demand for larger spaces outside home and more efficient spaces inside,” said Ms. Pavitra Shankar, Executive Director, Brigade Enterprises.
“Catering to this needkab Brigade El Dorado, we are providing for multiple sporting facilities, large community spaces and landscaped gardens that can act as a catalyst in building a vibrant community, in this upcoming technical hub of Bengaluru.”
She said her company was targeting a “new demographic of customers who are looking for housing options under Rs.45 Lacs without compromising on brand or quality”.
Real estate developers in India are focusing on the affordable segment, after years of focusing on the premium segment.
This is because of the sharp increase in property prices seen in India in the last two decades, which has made premium properties so costly as to be affordably only the very very rich.
The location of the new project near the Aerospace park is expected to increase the attractiveness of the property.
Aerospace park is a 3000 acre development being planned and promoted by Karnataka Industrial Area Development Board (KIADB) as the hub of aerospace industry in India.
Companies such as Boeing, Airbus and Rolls Royce are planning to set up facilities in this aerospace park. Other MNCs such as Shell and SAP Labs are setting up large campuses in this area as well.
The area also has social infrastructure such as schools, colleges, hospitals and retail, Brigade said.