New Delhi, Apr 5 (PTI) Ashok Piramal Group’s realty firm Peninsula Land today announced its entry into affordable housing segment with its first project in Pune, where the company would develop 1,000 apartments with an investment of about Rs 200 crore.

Mumbai-based Peninsula Land has launched the first phase of 50-acre project, ‘addressOne’ located at Gahunje, Pune.

“We were keen to enter the affordable housing segment from a long time because of huge demand,” company’s vice chairman and MD Rajeev Piramal told PTI.

“We will develop 1,000 units in first phase in a price range of Rs 18-38 lakh. There will be a total of 51 four-storeyed buildings, comprising just four apartments per floor. The construction will start post monsoon and project will be delivered by early 2021,” he added.

Asked about project cost, Piramal said it would be around Rs 200 crore and the same will be funded through internal accruals and construction finance from banks.

This is the company’s second project in Pune. It has already completed a housing project ‘Ashok Meadows’ in Hinjawadi.

Piramal said the company has tied up with ANAROCK Property Consultants as a strategic partner.

“Affordable housing is clearly the most vibrant opportunity for the Indian real estate sector today, with ever-increasing demand emanating from this segment. The government has unleashed several initiatives to give a fillip to affordable housing,” he said.

Piramal said the company is developing 8 projects in Mumbai, Pune, Bengaluru, Goa and Nashik. The company has so far completed 13 projects, mostly in Mumbai.

ANAROCK chairman Anuj Puri said there is a good potential for price appreciation over the next few years in this region.

This is published unedited from the PTI feed.