NEW DELHI: To boost sluggish sales, realty firm Raheja Developers today said it has launched a housing project in Sohna, Gurgaon, at a price of Rs 2,500 per sq ft, about 30-35 per cent lower than the existing rate in the location.
The company will develop 114 independent floors in this project, which is part of 200-acre township ‘Aranya City’ in Sohna, South of Gurgaon, Raheja Developers said in a statement.
Real estate sector is facing a huge slowdown for last 2-3 years particularly in housing segment, resulting in delay in completion of projects by up to 5 years.
“Actual market depends on demand-supply and also customers’ ability to pay. Lately, the prices have gone up so much that it has affected the customers’ affordability. So, we have decided to bring down the prices to move the market,” Raheja Developers Chairman Navin Raheja told PTI.
He said the prices would be around Rs 2,900 per sq ft under the construction-linked payment plan.
“At present, the prices in this location is about Rs 4,000 per sq ft,” Raheja said.
Raheja Developers said that construction major L&T is doing the infrastructure for the township.
The Gurgaon-based firm is developing various housing and commercial projects, largely in Gurgaon area.
Recently, as many as 11 realty developers came together to promote Sohna, located at the southern end of Gurgaon, and jointly coordinate with the state government for the infrastructure development of the region.
These developers are Ashiana Homes, Ashiana Housing, Supertech, Central Park, Eldeco, ILD, CHD Developers, Silverglades, MKS Ventures, Gold Souk and Nimai Developers.
The region offers housing projects in a price range of Rs 4,000-4,500 per sq ft. The Haryana government has given licence for 325-acre group housing and 295 acres of townships in Sohna under Gurgaon district.