Mumbai, Dec 8 (PTI) Sheltrex, an affordable housing developer, today said it has mandated Brickfields to construct multi-storey residential apartments valued at over Rs 500 crore at its Karjat site, located on the outskirts of Mumbai.
"As part of the mandate, approximately 12 lakh square feet of construction area comprising over 2,000 residential and commercial units will be built. This would be spread over 12 towers of 24 storeys each along with a club house and other supporting infrastructure.
The first phase of three buildings is expected to be completed within two years," Sheltrex CEO Sandeep Singh Gaur said in a statement here.
Having demonstrated cost leadership by delivering homes at Rs 800 per square feet in Rajasthan, Brick Fields is now looking at expanding its operations into other states starting with Maharashtra. In the recent past, Brickfields has successfully delivered affordable houses under the PPP model of Rajasthan government in a time bound manner.
This was achieved by replacing traditional bricks with sand stone blocks made at the site, which aided in reducing material costs.
"To reduce dependence on manual labour, Brickfield will deploy advanced technology for rapid construction, specially developed for the low cost and affordable housing sector by an Italian company. This will ensure environment-friendly quality construction comparable to global standards with adherence to timelines along with cost savings," said Rajesh Bansal, promoter of Brickfields.
In 2015, Sheltrex had acquired the Karjat site from another developer as part of a distress sale. The project had over 3,000 existing customers stuck for over seven years with their pre-bookings.
Sheltrex has already delivered 800 homes to these customers and plans to deliver the balance over next 2-3 years. PTI AP NP .
This is unedited, unformatted feed from the Press Trust of India wire.