Sobha Ltd, a fast growing and leading backward integrated real estate company, plans to invest about Rs.3,500 crore over the next seven to eight years on developing a mid-income housing project in Bengaluru, Karnataka, ProjectsToday has learnt.
The proposed investment in Sobha Dream Acres marks the company’s foray into a new segment under its ‘Sobha Dream Series’ at Balagere in Bengaluru. The project will be developed on 81 acres of land and the developable area will be about 10.26 million sq. ft comprising 7,000 homes.
Construction of the project will be based on precast technology and is likely to start next month. The cost of construction is expected to be met through bank loans and advances from customers, it is learnt.
Sobha Dream Acres will comprise 1 & 2 BHK units with super built-up area ranging from 650 to 1,000 and to 1,200 sq. ft, with approximately 7,000 units, when fully completed. The project will have green space for sports and recreational facilities as also natural lighting and ventilation.
Ravi Menon, Chairman, Sobha Ltd, said, “This project will be developed using cutting-edge integrated precast technology employing best-in-class machinery imported from Germany and Italy installed at the project site. The execution of the project will be in-house.”
“The project will come up in five phases with 80 per cent open spaces. The Sobha precast plant erected at the project site is probably one of the largest and most modern setup catering to large-scale construction,” J.C. Sharma, Vice Chairman and Managing Director, Sobha Ltd, added.
Sobha Dream Acres is located in the midst of four major arterial roads in Bengaluru, namely Outer Ring Road, Marathahalli Road, Varthur Road and Sarjapur Road. It is situated in the city’s fast-developing locality of Balagere.