With growing demand for residential properties, real estate developer Akshaya plans to construct 1 BHK (bedroom-hall-kitchen) apartments targeted at the economic weaker sections of the society, a top company official said today.
"We will look at the demand for these apartments and if required we may construct them in our future projects also," Akshaya Chief Executive Officer T Chitty Babu said.
Citing government regulations that a certain section of apartments were needed to be alloted for the economic weaker section, he said in the company's latest 151st project – TODAY -- 52 units would be constructed as "single BHK Studios" spread across 612 square foot each.
Elaborating about the Rs 730 crore TODAY project, Babu said it was coming up on a 20.7 acres at Thaiyur on the famous IT Corridor(Old Mahabalipuram Road). It would have a 2,134 residential units built in 12 to 17 storey towers.
The apartments, spread across 612 sq ft to 1,335 sq ft, would be priced from Rs 17.44 lakh. "The cost per square foot will be Rs 2,850 for next three days, which is Rs 350 less compared to our another project which is just one km away."
The city-based company is doing another project at Thaiyur with a square foot costing Rs 3,200, he said.
Stating that much attention is not given to disabled people in real estate projects, he said beginning from this project, all the company's future projects will be "disabled friendly".
Askshaya has inked a joint venture with Kotak Realty Fund which owns the land at Thaiyur for the project, Babu added.