VBHC offers flats for Rs 4.5 lakh
Value & Budget Housing Corporation (VBHC), on Wednesday, launched Vaibhava, its first housing project at Anekal near Bangalore.
It will offer apartments with basic price between Rs 4.5 lakh and 10 lakh. The company is deploying advanced construction methods to ensure high quality while keeping costs under control to help deliver allotted apartments in 12 months.
The company is cofounded by former Mphasis Chairman Jerry Rao, former Citibank Consumer Banking Head P S Jayakumar, and realtor Sunil Narayan to address the growing need of quality housing. Housing Development Finance Corporation Ltd (HDFC) has taken equity stake in VBHC which plans to build over 10 lakh houses across the country in next 10 years. Its upcoming projects include Chennai, Hyderabad and NCR.
“There are growing aspirations of owning a house in households earning between Rs 15,000- 40,000, but very few companies are looking at this segment to offer entry level affordable housing. We saw this as an opportunity and set up VBHC,” said VBHC Chairman Jaithirth Rao. HDFC Chairman Deepak Parekh said “Developing sustainable model to provide affordable homes for low-income urban customer gives VBHCs definitive edge in the market. We are pleased to be part of this endeavour which will bring significant value to common man.”
The apartments range from 1 and 2 bedroom hall and kitchen (BHK), which vary in size from 354 sq ft to 640 sq ft. It will have water treatment and bio-gas plants, solar powered street lighting for premises and solar water heating system for higher floors, the company said. VBHC has tied up with HDFC to provide home loans to buyers.