Mumbai, Dec 8 (PTI) Sheltrex, an affordable housingdeveloper, today said it has mandated Brickfields to constructmulti-storey residential apartments valued at over Rs 500crore at its Karjat site, located on the outskirts of Mumbai.
"As part of the mandate, approximately 12 lakh squarefeet of construction area comprising over 2,000 residentialand commercial units will be built. This would be spread over12 towers of 24 storeys each along with a club house and othersupporting infrastructure.
The first phase of three buildings is expected to becompleted within two years," Sheltrex CEO Sandeep Singh Gaursaid in a statement here.
Having demonstrated cost leadership by deliveringhomes at Rs 800 per square feet in Rajasthan, Brick Fields isnow looking at expanding its operations into other statesstarting with Maharashtra. In the recent past, Brickfields hassuccessfully delivered affordable houses under the PPP modelof Rajasthan government in a time bound manner.
This was achieved by replacing traditional bricks withsand stone blocks made at the site, which aided in reducingmaterial costs.
"To reduce dependence on manual labour, Brickfieldwill deploy advanced technology for rapid construction,specially developed for the low cost and affordable housingsector by an Italian company. This will ensureenvironment-friendly quality construction comparable to globalstandards with adherence to timelines along with costsavings," said Rajesh Bansal, promoter of Brickfields.
In 2015, Sheltrex had acquired the Karjat site fromanother developer as part of a distress sale. The project hadover 3,000 existing customers stuck for over seven years withtheir pre-bookings.
Sheltrex has already delivered 800 homes to thesecustomers and plans to deliver the balance over next 2-3years. PTI APNP.
This is unedited, unformatted feed from the Press Trust of India wire.