Realty major Unitech plans to launch mid-segment residential projects in the range of Rs 5-10 lakh (Rs 500,000-Rs 1 million) in metro and suburban cities like Gurgaon, Chennai and Kolkata over the next few months.
"We are amazed at the success of our recently launched projects and have realised that, in today's market, a project within the right price range will sell," said R Nagaraju, general manager, corporate planning, Unitech.
The company is charting a strategy to come up with such low-cost apartments. "The new projects will be based on a different model altogether, where the target customer and the margins will be different," Nagaraju added.
"The inspiration to develop smaller and cheaper apartments comes from the Nano car, which is eliciting a tremendous response. I am sure our project will see a similar response, given the fact that we will come up with such low-cost apartments in metro cities," Nagaraju added.
The company had recently launched a residential project in Gurgaon's Sector 47 that offered a flat in the range of Rs 29-42 lakh (Rs 2.9-4.2 million). The average size of the apartments is 1,100-1,200 sq ft.
"We had launched 200 apartments in the first two phases and 150 of these have already been sold.This is an amazing response. Two months back, nobody would have expected such a response to any project in the area," Nagaraju said.
