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» Golden Gate plans affordable houses

Date: Aug 23, 2008

Author: Economic Times

Citigroup-backed Golden Gate Properties plans to invest close to Rs 2,000 crore over two years in affordable housing projects, a senior official said. The projects will be funded primarily through customer sales, apart from banks loans to the tune of Rs 500 and equity, Golden Gate managing director K Pratap said.

The Bangalore-based developer on Thursday announced plans to start construction on four township projects in Bangalore and Hyderabad, all grouped under the brandname Commune. A significant portion of each development will comprise low-cost housing units with an area of 995-1122 sq ft.

“A large section of society is unable to own homes owing to spiralling real estate costs. The Commune has been conceived to fulfill this need-gap. The starting price for the affordable housing units will be around Rs 19 lakh. These properties will be on a par with premium developments in terms of quality, treatment and amenities,” he said.

Citigroup has invested Rs 150 crore in Golden Gate and Deutsche Bank $70 million. Golden Gate plans to expand to several southern cities with affordable housing projects.