Electro Constructions targets niche segment
09 Apr 2007
Chennai: The Chennai-based Electro Constructions Pvt Ltd and part of the Rs100-crore Electro Group is developing two holiday community projects on the East Coast Road. The Rs25 crore project is targeted at the lifestyle oriented and first time home buyers. The company has acquired about 50 acre for this purpose.
Of the two projects (named The Village and Little India), ''The Village'' comprising 42 holiday homes is nearing completion with most homes already sold out and work is slated to begin on ''Little India'' that will consist of 40 homes.
According
to Electro group chairman Brij Khandelwal, the choice
before us was to be focused on a select niche and grow
in that space. "It is while looking for this differentiation
that we identified a class of buyers, not fully addressed
by the current offering- the youngsters and first time
home buyers with relatively lower budgets to invest
and lifestyle oriented individuals who are not keen
to be boxed into flats in high-rise apartment complexes.
This is a trend that is widespread in cities like Bangalore
and we feel Chennai is ready for it too." The company
is targetting individuals with a budget of Rs80 lakh
- Rs1.25 crore and those with less than Rs40 lakh but
wanting to own an independent home.
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