Bangalore to witness high-end real estate project soon

This seems to be bizarre even to the experts especially when the gradual decline in demand is making real estate developers all over India go for reasonably priced housing instead of high value apartments. It has been learnt that the well-known and Bangalore-based Sobha Developers is set to introduce a high-end apartment project in the city. The project, as has been found, would carry a price tag of about Rs 6,000 per sq ft and will also be the first luxury apartment project from Sobha after the recent debacles in the Indian real estate sector. The company is renowned for over a decade on account of quality focused best practices for building world class products.

On the other hand, it has been found, the J P Nagar project that is destined to surface on 36 acres of land in J P Nagar in the south of the city will be announced during the present year. It has also come to the knowledge that the company is having deliberations enter the affordable housing segment by announcing apartments in the Rs 25 lakh to Rs 30 lakh range in Coimbatore, in the state of Tamil Nadu.

“We are not in a hurry to announce future projects as our priority is to sell the ones nearing completion. Of about 2,000 flats / villas that are under various stages of construction across the country, Sobha has been able to sell about 50 per cent until now. The company expects to see the balance being sold off by the time the projects get completed within the next two and a half years,” a senior Sobha official said. In addition, he made it clear that their projects in the neighboring states of Kerala and Tamil Nadu are in greater demand than the ones in Bangalore.

In the meantime, debt repayment plans are going ahead and the company will have no problems in funding the new projects

“Of the total debts, about one-fourth has to be repaid this year. We are exploring various options, including issue of preferential shares and sale of land to generate the required amount,” the concerned official said.