MUMBAI: Premium property developer Jaycee Homes plans to enter the affordable housing segment and will develop around 2 million square feet of land holdings in the Mumbai region over the next four years to capitalise on demand, a top company official said.
"Given the current slowdown in the real estate industry, getting into the affordable housing segment is a clever idea. We have a land bank of over 4 million square feet, out of which we plan to use 2 million square feet for developing affordable housing projects in the Mumbai region," company's Director Diipesh Bhagtani told PTI here.
The company has executed over 250 projects across the western and central suburbs of the metropolis, such as Versova, Andheri (W), Santacruz (W), Juhu, Vile Parle, Chembur, Kanjur Marg, Bhandup, Powai, Thane, Mira Road and Dahisar.
"We have been in the premium segment for over 15 years. But now, we are seeing a fall in the number of customers for premium housing. At the same time, there has been considerable demand for affordable homes. We have land banks in Kalyan, Dombivali and Mira Road, where we plan to develop affordable houses," he said.
He said the company is also looking at the government's rental scheme projects, which are being implemented by the Maharashtra Housing and Area Development Authority (MHADA).
"We are looking at affordable housing schemes of the government, where we can get more floor space index (FSI) and we will hand over one FSI to the government. We are also looking at Mhada's rental schemes. So wherever we have land outside Mumbai, we are looking at developing it under the scheme," he said.
The company has also put up two proposals for development in Mira Road and Thane and plans to acquire new property for the same, he said.
Jaycee aims to become a Rs 2,000 crore firm over the next four years, a ten-fold rise from its current turnover of Rs 200 crore.
"We already have a few projects in the pipeline, which are slated to be launched in the next six months. In addition, if we get prompt approvals from the government for our proposed affordable housing projects, we can easily achieve this target of a ten-fold growth," he said.
"Given the current slowdown in the real estate industry, getting into the affordable housing segment is a clever idea. We have a land bank of over 4 million square feet, out of which we plan to use 2 million square feet for developing affordable housing projects in the Mumbai region," company's Director Diipesh Bhagtani told PTI here.
The company has executed over 250 projects across the western and central suburbs of the metropolis, such as Versova, Andheri (W), Santacruz (W), Juhu, Vile Parle, Chembur, Kanjur Marg, Bhandup, Powai, Thane, Mira Road and Dahisar.
"We have been in the premium segment for over 15 years. But now, we are seeing a fall in the number of customers for premium housing. At the same time, there has been considerable demand for affordable homes. We have land banks in Kalyan, Dombivali and Mira Road, where we plan to develop affordable houses," he said.
He said the company is also looking at the government's rental scheme projects, which are being implemented by the Maharashtra Housing and Area Development Authority (MHADA).
"We are looking at affordable housing schemes of the government, where we can get more floor space index (FSI) and we will hand over one FSI to the government. We are also looking at Mhada's rental schemes. So wherever we have land outside Mumbai, we are looking at developing it under the scheme," he said.
The company has also put up two proposals for development in Mira Road and Thane and plans to acquire new property for the same, he said.
Jaycee aims to become a Rs 2,000 crore firm over the next four years, a ten-fold rise from its current turnover of Rs 200 crore.
"We already have a few projects in the pipeline, which are slated to be launched in the next six months. In addition, if we get prompt approvals from the government for our proposed affordable housing projects, we can easily achieve this target of a ten-fold growth," he said.
PUSHPAM CHAURASIA
PGDM 3rd SEm
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