Sahara City Homes launched in Coimbatore

Coimbatore: Sahara Prime City, the real estate company of Sahara India Pariwar, has launched its flagship project ‘Sahara City Homes’ in Coimbatore.

The project, a chain of townships, is proposed to be developed across 217 cities.

Coimbatore has emerged as the second city in South India and first in Tamil Nadu for the launch of the group’s City Homes project.

The group launched its maiden project, Sahara Grace, in the South in Kochi six months ago.

“We will soon announce the launch of our project in Chennai and Madurai. We will foray into Tiruchy as well,” its Head (Sales), Mr Sundarlal said.

He revealed that the group had already acquired vast expanse of land in more than 100 cities across the country for development of township projects.

In Coimbatore, the project is coming up in an area of 113.33 acres. The company plans to house 3,846 residential units comprising apartments, independent villas and row houses. “It would be an integrated township. We purchased the land about four years back, and got all the clearances, before announcing the launch,” said Mr Sundarlal.

An area of 49.7 lakh sq ft has been earmarked for total residential built up area and the commercial built up area is expected at 4.51 lakh sq ft.

The company is hoping to complete and hand over the residential units within 4 years. “But the first possession is likely to happen within the next 16 to 18 months,” he said and added that even before the formal announcement of the launch, about 30 per cent of the residential units have been sold out.

“Almost 70 per cent of the independent villas have already been sold out. We have therefore suspended the sale of villas, albeit temporarily,” he said.

The total project outlay is estimated at over Rs 1,000 crore.

On pricing, he said the apartments would cost upwards of Rs 22 lakh and the villa around Rs 2.4 crore. “We have since revised the price upwards considering the steep increase in the rate of steel, cement, manpower etc. These have gone up by almost 60-70 per cent,” he added

“NRIs have been bullish on investing in their country of origin. We participated in a fair at Singapore last month. The response was positive. Most visitors were enquiring about the Coimbatore and Chennai projects,” he told Business Line on the sidelines of a press meet here.

The company plans to announce the launch of at least seven to eight projects before the end of the current fiscal.