Cashing in on the ever-growing demand for low-cost housing in India, Assotech Ltd, the Noida-based leading developer, has made a first-of-its-kind foray into the affordable housing segment. To begin with, the company plans to develop ‘Metropolis City’ project in Rudrapur (Uttarakhand) and ‘Windsor Hills’ in Gwalior (Madhya Pradesh). In fact the company, according to a senior official, is keen to build affordable homes at various locations in India.

Affirms Sanjeev Srivastva, MD, Assotech Limited, “The demand for affordable homes will keep growing at least for the next few years. Apart from Rudrapur and Gwalior, we are also looking at few more locations in India.”

The group promises to deliver around 600 apartments by the end of March 2009 at Rudrapur and 250 apartments at its Gwalior project by July 2009. Metropolis City, which offers homes between 870-1,920 sq ft, falls under the price bracket of Rs 12.4-Rs.35 lakhs while Windsor Hills will comprise living units costing Rs 13-Rs.30 lakhs with area ranging from 1,190-1,980 sq ft.

Assotech had earlier forayed into luxury homes with the launch of Celeste Towers - a 126-metre luxurious residential project in Noida. The company had tied up with a consortium of nationalised banks to raise funds for the construction of this project that is expected to be completed by March, 2011. The total estimated construction cost for this project, which includes two 35-storey towers containing 60 condominiums, will be around Rs. 200 crores. Dwelling units in these towers will cost Rs. 4 crores onwards.

Meanwhile, the company is also launching two new projects - The Cosmopolis in Bhubneswar and Assotech NXT in Noida – next year.