It is something that you would not expect from a big-ticket real estate brand. In a sign of the times where demand lies in affordable homes, Delhi-based Unitech Ltd is planning to launch projects with homes priced around Rs10 lakh, echoing the downmarket strategy pursued by the Tatas.
The company outlined its intention in a said in a presentation made to investors recently.
Details on the specifications and locations were not immediately available. A company spokesperson said the products are still at a conceptual stage.
Earlier this month, Tata Housing, a subsidiary of Tata Sons announced a residential project priced in the range of Rs 3.9 lakh to Rs 6.7 lakh at Mumbai’s distant suburbs.
Unitech has already launched homes priced below Rs 20 lakh in locations like Chennai. “Through a combination of reduction in costs, decrease in unit sizes and reduction in margins, Unitech has been able to offer housing at prices affordable to a wider cross section of customers,” the presentation said.
“Launching a project around a Rs 10-lakh flat in the metros would require immense incentivisation from the government but it is possible to launch such a project in smaller towns,” Sanjay Dutt, chief executive at property consultant Jones Lang LaSalle Meghraj told Hindustan Times.