Vasathi Group, a recent entrant to the construction arena, is readying its Vasathi Anandi, a gated community at Ba­ndlaguda near the Andhra Pradesh Police Academy in Hyderabad.

The project is located at 10 to 12 km distance from the business hub of Hitec City and Gachibowli in Hyderabad.

The Rs 100 crore project will be ready by mid next year. In all, it has 486 units in five acre comprising, 1, 2, 2.5 and 3 BHK. The project will include green building concepts for a silver rating.

“This project will easily fit in the bill of affordable luxury,” said PV Ravindra Kumar, chairman and managing director of Vasathi group.

The company is quoting Rs 2,190 per sq ft for the flats and about Rs 300 per sft for parking and amenities. Depending on the units, which are 1,050 sq ft and above, they cost between Rs 25 and 30 lakh, he said. He added that so far 110 bookings have been made. It is selling about 12 units every month.

The company now has a pre-EMI scheme, where 15 per cent of the unit cost is collected as down payment. The remaining should be paid on possession of the property.

During this time, the customers will not have to pay any pre-EMI that ranges from Rs 3,000 to Rs 9,000. The company will pay the amount to the identified financier.

Vasathi has tied up with Dewan Housing, which will partially fund the project. Customer advances and groups’ own resources will meet the rest of the funding requirement.

“This will ensure that the customers get value projects without having to pay the EMI during construction,” Kumar said.

The project will have a club house, jogging track, swimming pool, 30 per cent power backup and landscaping.

Vasathi will continue to maintain the gated community to ensure that service levels do not fall after it is handed over. It also has a third party quality control checks. The agency randomly conducts checks and gives a report on the changes needed, if any, Kumar said.

The customer profile for the project has been mixed with IT professionals, businessmen and government employees making the bookings, he said.

Vasathi will soon launch another project at Qutubulapur, an industrial development area near Balanagar in Hyderabad. This would have about 250 units and will be competitively priced.

It also has a project around Bangalore with 450 units, he said adding that one more project near Elankaha is also on the cards. zz

krishnamohan@mydigitalfc.com