Raheja plans houses at Rs 4-25 lakh in Delhi

Realty player Raheja Developers will build up to 30,000 apartments in the affordable housing category in the National Capital Region in the next two years, which will be offered at Rs 4-25 lakh (Rs 400,000 to Rs 2.5 million).

"Though there has been some correction in the realty market, demand is still there, especially in the affordable housing segment. We have already received approvals for developing about 20,000 apartments in the NCR," Raheja Developers managing director Navin M Raheja told PTI in Delhi.

The company has planned to develop up to 30,000 units in the NCR in the next two years, he added.

"We have decided to fix the prices of the apartments in the range of Rs 4 lakh to Rs 25 lakh depending upon the size," Raheja said, adding that the minimum size of an unit would be 300 square feet.

He, however, declined to give details about the size of investment that the company is looking to put in. "The launch of this affordable housing scheme will (take place) in the next two months. We will not tie up with any partner," Raheja said, adding construction would be completed in two years and delivery would start in 2011.

About the current market scenario, Raheja said the country's property market has witnessed price corrections of about 10 per cent in the last couple of months.