Acknowledging the need for ‘Affordable Homes’, Matheran Realty Pvt. Ltd. (MRPL), a Mumbai based real estate development company today announced the launch of its first of a kind ‘affordable housing’ project in Karjat.

The company would be building ten similar projects that are being planned in the off-Mumbai vicinity, primarily on the suburban railway network.

The company plans to deliver high quality urban infrastructure with the help of Sterling Construction Systems (SCS) who are pioneers in high speed building technology. With this contract, SCS is bringing to India a superior yet cost effective construction technology that builds at a much faster pace then conventional construction.

Eredene Capital Plc, a London based AIM listed real estate investment firm, has invested in its Indian SPV, Matheran Realty Private Limited (MRPL), @ Rs.131.2 crores to develop ‘Affordable Homes’ of the scale of 8 million sq.ft. per year over the next 10 years in the Mumbai Metropolitan Region (MMR).

The first MRPL project coming up near Karjat station will be named after the famous Maratha warrior ‘Tanaji Malusure’. This would be a one of its kind integrated value township sprawling across 4 million sq. ft. The township will offer ‘Affordable Homes’ with sizes of 300 to 500 sq.ft and reasonably priced at Rs. 999 per sq. ft.

Announcing this landmark development Mr. T. S. Hariharan – President, Matheran Realty Pvt. Ltd. said, “Real Estate in Mumbai is primarily targeted to the affluent while there is a pressing need and a huge market for value housing for the low income groups. We have recognized this pressing need and look forward to provide Sustainable & quality homes for all. Our focus is going to be on this segment and we will build integrated townships for the low income group in a bid to improve quality of life of the masses, these are master-planned communities that aim to improve and aid the quality of life for it’s residents”.

In one of the single largest order to be placed in Indian realty so far, the contract for the ten projects has been awarded to SCS Ltd., a global engineering & construction company with a proprietary “concrete building” technology based on formwork systems. The first project, ‘Tanaji Malusure Nagar’ will be a township master planned by SKM Australia and has integrated facilities such as schools, hospitals, theatres & retail formats.

“This is one of the biggest orders in the Indian realty sector so far. SCS Ltd. will build around 200,000 ‘Affordable Homes’ for Matheran Realty Pvt. Ltd. using our patented technology that complies with best building & green building codes. This project gives us a huge platform to explore our advanced, world-class technology for the first time in India” said Mr. Mark Taylor – Chairman SCS Ltd.

Commenting on the agreement with Matheran Realty Private Limited, Mr. Nikhil Naik – MD, Eredene Capital India said, “Eredene Capital is focused on the booming Indian infrastructure space and in Matheran Realty we have found the right vehicle to focus on developing low income housing projects on the outskirts of Mumbai. We sight a huge potential in this segment when every other developer is talking luxury and super luxury housing, overlooking the rising need for ‘Affordable Homes’ in the Mumbai Metropolitan Region. We believe the market gap for such a format of housing is currently about 3 million homes.”

About Matheran Realty Pvt. Ltd.
Matheran Realty Pvt. Ltd. (MRPL) is a Mumbai- based real estate development company which has its core focus set on building affordable housing in India. MRPL plans to develop up to 80 million square feet of affordable housing in and around Mumbai over a 10 year period, with a target of supplying 20 thousand high quality affordable homes per annum with western quality infrastructure and services.. And keeping this goal in mind, the company is all set to create a paradigm shift in real estate sector by building “Affordable Homes” in and around Mumbai.
About Eredene Capital Plc
Erdene Capital Plc, a London-listed real estate investment firm focused on the India infrastructure sector . In early 2006, Eredene raised US$100 million to capitalise on the foreign direct investment opportunities in India's newly deregulated real estate sector and subsequently became the first property fund company for the Indian market to be quoted on AIM. (www.eredene.com)