To develop mid income housing projects, Sobha realty firm is about to invest Rs 3,500 crore

Sobha Dream Series to cater the housing needs of mid income level

One of the major realty firm Sobha developers is planning to invest the amount of Rs 3,500 crore with an aim to develop and construct the mid income housing project in next 7 to 8 years. With this new project Sobha is trying to enter in the new segment with Sobha Dream Series to cater the housing needs of mid income level.

Sobha realty developers are more in to the segment of luxury homes and for most of the flats the prices are in the range of Rs 40 to 75 lakh. JC Sharma, MD and VC of Sobha developers, stated that “In project the total cost is expected to be approx. Rs 4,000 as we will work on the 10 per cent profit margin. However; the overall construction cost will be completed through advance payment through customers and bank loans”.

This project will be developed on the land of 81 acres at the location Balagere whereas; the constructed area will be approx. 10 million sq ft and it will comprise 7,000 homes, says Ravi Menon, Chairman of Sobha developers. The more he added that company has launched around 2,100 units in the first phase of development and it will comprise 2 million sq ft of fully develop area and we have already sold more than 500 units in this current project.

The whole construction will be based on pre cast technology and the work will begin in few months. From last 20 years, Sobha developers has constructed more than 70 million sq ft area in more than 22 cities.