CHENNAI (INDIA): XS Real Properties has launched affordable housing project aptly called ‘En Veedu’ in Chennai. This first Pradhan Mantri Awas Yojana (PMAY) compliant project in Tamil Nadu, is set to come up in the developing GST belt near Guduvancherry with all social infrastructure in place. XS Real has sold out 440 units in two days after the project’s launch.
En Veedu will have 475 units of compact, 1 BR and 2 BR and there are sports amenities and commercial shops that meet the aspirations and requirements of the customers.
N Shankar, CEO of XS Real said, “This is a great moment for us as we contribute our bit to the humongous task of ‘Housing for All by 2022’ mission of the Government of India. This project will be a dream come true for the lower income segment of the population. Guduvancherry is a great locale for such a project with all social infrastructures such as Schools, Colleges, Hospitals, Commercial, Rail link and Central Bus terminus. Apartments are priced very attractively at a never before heard price band of Rs. 4 to 9.99 lakhs with government Subsidy making it truly an Affordable House for the lower income group”.
“As the initiative aims at providing more houses for the lower income group, our project will give special discount /offers for people in Public Service such as in Army, Hospitals, Schools, NGOs etc apart from retired government employees. XS Real is completing 22 years in the industry and we are proud to enter the affordable housing segment with PMAY scheme benefits. XS Real Courtyard in Coimbatore is one project that has already been notified as affordable housing under PMAY and it is the first project from Tamil Nadu to get such recognition,” he adds.
Due to complications in the approval process and heavy tax structure, not many private players have entered the affordable segment under the PMAY initiative, “High land price also holds back the developers to enter into this segment and the almost non-existent profits stands as the other stumbling block. Unless they are pre-sold, interest costs will make the project unviable and hence there is need for quick approvals and concessions like exemption from stamp duty, service tax etc. Though there is a good demand for affordable housing, it will take some time for the private players to join the mission ‘Housing for all by 2022’. But with involvement from private players, the mission will get empowered at a rapid phase,” he concludes.
In addition, the project En Veedu is planning to launch similar homes in other areas with similar social infrastructure and lower land cost.