Chennai-based real estate developer Doshi Housing, will raise ₹100 crore to fund its new housing project for middle income groups in Chennai, said a senior executive.
“We are in the midst of developing three projects at an investment of ₹100 crore,” said Mehul H Doshi, director, Doshi Housing “About one-third of the project cost will be met through construction funding, one-third from the investors and we will invest the balance sum.” Doshi Firstnest is a ₹50 crore project, which will have 188 apartments measuring 1.9 lakh sq.ft. on 2.5 acres.
The investment in the second project, which is yet to be named, is about ₹30 crore. It will have 65 units and would be completed within 24 months from the date of commencement. It would come up on the East Coast Road, near Mayajaal entertainment centre.
“The phase-1 of 496 apartments in Doshi Risington is in advance stages of completion. It will be handed over to the buyers by October 2018. Thereafter, we will plan to take up construction of phase-II and phase-III of 700 apartments,” he said.
Asked about the unsold inventory, Mr. Doshi said since the soft opening of Doshi Firstnest happened recently, they were yet to commence selling of space. About 85% of inventory in Doshi Wellspring and 50% in Doshi Risington had been sold.
“Due to the current market situation, the investors are not keen on waiting for projects with long gestation periods. We are seeing some traction and hope to sell the remaining inventory soon,” he said.
To make use of the unsold inventory in Doshi Euphoria, the builder will start negotiations with some of the operators to convert the remaining 25 units for coliving.
“These are all small studios and one and two BHK houses. Coliving has been catching up in the city for the last three years. So, we are trying this option. At a later date, we might think about developing villas for senior citizens at Sriperumbudur,” he said.
