Another Bangalore-based developer has jumped into the affordable home segment. Brigade Group has set up Brigade Value Homes to tap the demand in this relatively new segment.

The company plans to launch four projects simultaneously in Bangalore, with base prices of homes ranging from Rs 10 lakh to Rs 26 lakh.

M R Jaishankar, chairman and managing director of Brigade Group said the project cost would be about Rs 2000 crore. “We are glad to venture into this new segment. For a long time now Brigade Group has been offering high quality homes to customers. We want to offer high quality homes at a price that appeals to a larger client base,” he added.

Brigade Value Homes is, at present, building about 10,000 residentail units and a limited number are open for registration. The projects are located in the KR Puram-Whitefield belt, near Art of Living on Kanakapura Road, Devanahalli Town and near Kengeri on Mysore Road.

The projects will have facilities such as landscaped gardens and clubhouse with swimming pool, gym and sports facilities. The size of units will be in the range of 500-1100 sq ft.

Company officials told FC Estate that construction would begin in six to 12 months. People can register for these homes till December 6.

Applications will also be accepted at select Corporation Bank branches. Early birds will be offered an attractive pre-launch booking price and a special discount between Rs 50,000 and Rs 1 lakh, depending on the size of the apartment applied for.

An Indiareit Fund study on the real estate sector in Bangalore states that slow sales and rising vacancy levels have led many residential developers to announce budget housing projects.

This segment has remained resilient even during the downturn. “We believe the residential market in Bangalore will see a rebound on the back of budget housing projects undertaken by private developers,” the study said.