Raheja Developers eyes Kashmir’s realty sector

Under the ambitious central government scheme,  ‘Pradhan Mantri Awas Yojana- Housing For All -2022′, Delhi-based Raheja Developers is mulling to construct affordable houses in the Valley.

In order to pursue this project, Raheja has already approached various government authorities here.

Talking to Greater Kashmir, Navin M Raheja, Chairman and Managing Director (CMD) of Raheja Developers Limited said during his meeting with the vice-chairman Srinagar Development Authority ( SDA) on Monday, he was assured that J&K government is keen on providing houses to every segment of the society.
Raheja said interest of J&K government in ‘housing for all’ project is a positive sign for real estate developers.
 “We have evaluated the housing norms here and hope the government makes a provision in the new master plan to include low cost housing. Our meeting with SDA VC was quite encouraging,” Raheja said.
According to Raheja, the initiative for developing low-cost housing in the Valley is largely driven by his wife NirmalRaheja, who is a Kashmiri Pandit by origin and belonged to the Mota family of ChinkralMohalla in HabbaKadal here.
“My wife’s family left Kashmir in 1970’s but she is still enthusiastic about Kashmir. We have studied the real estate market in Kashmir and realised that there is a vast young population here which would be in need of housing here. Buying land and constructing house is becoming increasingly difficult here so low budget housing is the next best thing,” Raheja said.
He expressed hope that the new Srinagar Master Plan makes a provision to increase Floor Area Ratio ( FAR) and population density.
“This will help developers to build more houses on less land. These provisions are required because housing needs in the Valley are all set to change in a few years. While no one is homeless here and has a shelter, this trend will witness a drastic change in the coming years,” Raheja said.
Apart from their proposed foray into Kashmir, Raheja Developers also highlighted its projects during an event at SKICC on Sunday.
Raheja said during his visit to the Valley, he encouraged people to invest in the projects of his firm especially the completed and ready-to-move-in projects near the Delhi Airport.
“We have almost 30 projects in Delhi NCR which are either completed or about to be completed and offer both luxury and affordable housing.
“We are here to invite people to invest in our projects and make them aware that we are constructing the tallest building in Gurgaon. The 60th floor penthouse in this tower costs Rs 100 crore while our low budget housing has flats with a price tag of just around Rs 13 lakh,” Raheja said.
Raheja said Gurgaon’s tallest tower Revanta, a prime project of his firm, is being constructed by Arabtec, the maker of world’s tallest tower BurjKhalifa in Dubai.
Maheshwara project based in Sohna  Road Gurgaon is a mid-segment project with a 2 BHK flat costing around Rs 33 lakhs that is “quite apt for people from Kashmir to buy”, Raheja said.
“We have presence in residential colonies, plotted colonies, affordable housing , slum redevelopment of Delhi , commercial complexes, malls multiplexes and hotels. Adding Kashmir to our kitty is a real thrill,” he added.
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