(Property rates would not be less than the 1st phase!)
"Lavasa overcame the tremendous temptation to hike prices when the going was good. Bookings for the second phase would begin in the coming festive season and it would not be priced below that of the first phase, where villas were sold at Rs 2,750-3,500 a sq ft and apartments Rs 2,450-3,000 a sq ft," says Mr Rajgopal Nogja, President, Lavasa Corporation.
In times, when real estate developers are facing a fund crunch, the promoters of Lavasa say they have tied up close to 1,000 croreSpread across 11 villages, comprising 25,000 acres, Lavasa's development has been curbed to 12, 500 acres to preserve the pristine picturesque environs of the Sahayadri Mountain.
The real estate exposure is anchored to the needs of hospitality, education, entertainment, leisure and tourism. The outlook is that the town is to attract half a million visitors by next fall and 20 lakh tourists annually, with a permanent population of 1.5 lakh, a decade later.
The residential area of villas and studio apartments will total to about 40,000 units, of which office space will account for 10 per cent. Eighteen hotels with 4,000-4,500 room have been planned.
Serviced apartments are slotted for opening sometime next year. Lavasa has six hotels under development including properties managed by hotel chains Accor and ITC Group, with a combined capacity of about 1,000 rooms. A convention centre with a plenary capacity of 1,500 people will be ready next year and an ITC hotel is slated for opening in a couple of months.
The company is in talks with a three biotech multinationals to set up their research there. A 200-acre health and wellness centre, including hospital, R&D and long-term care of Apollo Hospitals would be up and running in 2010. Lavasa has a 49 per cent stake in it, with land forming a major component.
To read more, please, visit - The Hindu Business Line
Related Story:A modern township nestled in the Sahyadris
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