The real estate sector in India has been experiencing turns of fortunes in recent years. It had experienced a slide post- demonetisation. The GST rollout has also impacted the smaller players in the sector. The present market shows an upturn in the affordable housing category. According to market sources, the affordable segment is witnessing 30% increase in demand and the segment is drawing investments from diverse players in the sector.
The Solaris Bonhooghly project launched by one of eastern India’s leading real estate players, Eden Realty, has added a new dimension to the concept affordable housing. Previously, the main consideration was the pricing. To keep the pricing competitive, developers often compromised on the amenities. Now with intense competition in the affordable segment, developers are competing to provide maximum amenities within the price range.
The developers have used renewable energy to enhance affordability and sustainability of the project. To achieve all-round affordability, Solaris Bonhooghly project will install a 100-kW roof top grid-tied solar plant which, will generate approximately 1,50,000 kwh solar power worth about Rs.10 lakh every year. This will help in reducing common electricity bills, which in turn will help reducing the common area maintenance charges to about 50% of the existing industry norms and expected to bring it down below Rs.1 per square feet per month. Installation of this solar plant will also ensure about 120 tonnes of CO2 emission savings annually, which is roughly equivalent to emission of 100 diesel city vehicles in a year. By generating lakhs of units of green electricity, the residents of this project will be contributing to global energy sustainability.
Sachchidanand Rai, Chairman, Eden Realty Group, informed BE, “Solaris Bonhooghly is not only a home but it will also offer an enviable lifestyle to residents. We have made the best use of light, space, aspect, and energy and have blended it with all the modern amenities. We have also used roof top solar panel to reduce the burden of maintenance cost for all residents and help in creating a cleaner atmosphere for our future generations. We want to focus on the affordable housing segment by providing best of lifestyle facilities at affordable rates. We believe affordable housing to mean not just affordability in terms of price of purchase but also in terms of living experience. By shifting to renewable energy, we have substantially reduced that economic cost. We would be coming up with more such projects in Kolkata and other parts of West Bengal to cater to the rising demand of this segment. We aim at building about 10,000 such affordable homes in the next few years and urge the entire developer community to consider building such affordable homes for the betterment of our environment and society.”
This innovation has also enhanced the economic viability of the project. Arya Sumant, Managing Director, Eden Realty, informed BE, “Developers often find it difficult to sell top floor flats which account roughly for 25% of any project. The reason behind this is the heat. During summers, the roof gets heated and that heat flows to the top floor flats, making them undesirable. However, with the installed solar panels, we have added another layer which will insulate the top floor flats, making them economically viable.”
The reasonably priced apartments are well facilitated with all modern amenities and convenience. The project will have 11,000 square feet of roof top community space, activity centre with gymnasium, games room, swimming pool facility, children’s play area and a senior citizen’s corner. The four sides/three sides open flats will ensure abundant light and air in all cross ventilated rooms. The in-wall hanging wardrobe space in every bedroom will give the residents the luxury of using the floor space more efficiently. The project will also have a stretcher lift to cater to emergency requirements.