Vigneshwara forays into affordable housing

News Posted - 2010-06-22

After creating a niche for itself in the office space and IT parks segment, Vigneshwara Developers Pvt. Ltd, is planning to foray into the housing for daily labourers and vendors. The company will be launching a pilot project in Sohna very soon. “Affordable housing for the labourers working in the realty sector has become a necessity. There is no organised housing plan for the large number of migrant labourers coming to the city and adjoining areas," Sunil Dahiya, Managing Director, Vigneshwara Developers, said.

The company said the project will be based on rented accommodation for the daily wage labourers with proper sanitation and water. The monthly fee for the accommodation will be about Rs500. And they will also provide the transportation facility for them to the main city.

With the NCR region expected to see more real estate activities, Vigneshwara sees huge demand for rented housing for migrant labourers. “As there is no low- cost accommodation available for these migrant labourers, most of them end up staying in slums. The rise in number of poor labourers, year after year, makes a strong case for such homes. In the coming few years, NCR region will have about 4-5 lakhs of labourers working for the realty sector. So there is demand for the accommodation for these people and the demand will rise in the near future,” the company said.

Also, the exemption of taxes on the low- cost housing schemes for urban poor under the Central or state government schemes will attract more developers into this segment. There will be great demand in this segment in the upcoming years.

Vigneshwara group is one of the largest professionally managed realty groups of India. The group is a founder member of National Real Estate Development Council (NAREDCO) and the promoter member of Associated Chamber of Commerce and Industry of India (ASSOCHAM).

Source: 22/6/10