Bangalore: Realty major Embassy Property Developments has entered into a joint venture with MK Land Holding , a Malaysian company that specialises in pre-fabricated affordable housing, to build projects in the affordable housing segment. The proposed project entails an investment of over Rs 5,600 crore.
Under pre-fabricated housing, the shell of an entire home can be constructed from concrete poured into as many as 1,000 interconnected pieces of aluminium moulding. Once the concrete hardens, the moulds can be dismantled and reassembled later. The method is believed to generate less waste, reduce material cost and save construction time.
“The joint venture is aimed at developing affordable homes to help meet the acute shortage of housing for the masses in India. We plan to roll out a pilot project in North Bangalore, depending on the success we will launch more affordable housing projects,” said Gopi Krishnan, director and CEO, Embassy Property Developments. The proposed development will come up on 185 acres in North Bangalore and will comprise 14,400 residential units with two million square feet of commercial space.
The first phase of the project totalling 5,000 units will be launched in the next nine months. Spread over 650-700 sq ft the apartment will be priced at Rs 15-17 lakh.
The proposed development will be carried out by MK Embassy Land , which is a joint venture (JV) between MK Land, that holds 47.5% in the JV; Star Dreams, a subsidiary of Embassy Group that also holds 47.5%; and MKN Embassy Development , a subsidiary of the Emkay Group that holds the remaining 5%.
“The project will be funded through foreign direct investment and MK Embassy is also in discussions with local banks especially Ex-Im Bank of Malaysia to finance the development of the Bangalore project,” said Mr Krishnan.
MK Land is a vertically integrated home development company focused on affordable housing and high-end condominiums. It is also the largest home builder in Malaysia, based on the number of homes sold, revenues and net income. It has so far delivered around 40,000 housing units.
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