Innovative Lottery-Style Sale for Affordable Flats in Karjat
Matheran Realty has introduced a unique lottery-style sale for its initial 2,000 flats in the picturesque town of Karjat, approximately 100 km from Mumbai. This project, part of the sprawling Tanaji Malasure City township, offers apartments at an unprecedented price point.
How the Lottery Works
- Application Process: Interested buyers need to fill out an application form priced at a minimal Rs 100.
- Fair Chance: Each individual is limited to one form to ensure equal opportunity for all participants.
- No Choice: Winners will be allotted flats randomly, with no option to select.
Project Details
- Phase 1: Comprises 2,000 apartments, each spanning 300 square feet, priced at Rs 999 per sq ft.
- Collaboration: Matheran Realty is working in conjunction with UK's Eredene Capital and Philippines' Sterling Construction Systems (SCS).
- Township Overview: Tanaji Malasure City will eventually feature 2 lakh houses (300-500 sq.ft each), along with amenities like schools, colleges, hospitals, and a retail centre, all spread over 100 acres.
- Completion Timeline: The entire project is slated for completion over the next decade.
Funding and Construction
- Funding: Eredene Capital is investing Rs 131.2 crore into the project, with SCS providing technical expertise.
- Construction Technology: SCS will utilize prefabricated Hardiflex fibre cement boards, a method proven to reduce construction costs by 15-20% and expedite the building process.
Affordability and Profitability
- Pricing: The eventual cost of each flat will be approximately Rs 3 lakh, making it accessible to individuals in the Rs 8,000-10,000 salary bracket.
- Monthly Payments: Buyers can opt for a monthly payment plan of Rs 2,000.
- Profitability: While margins may be lower than those for premium developments, industry experts, like Akshaya Kumar of Park Lane Property Advisors, believe such projects can be profitable, especially by streamlining production quality and minimizing extras.