Dedicated locality research platform
Dedicated locality research platform
Enter your email address and you will receive
a link to reset your password
.png)
The Greater Cochin Development Authority (GCDA) is set to rekindle its efforts in the realm of affordable housing projects, after nearly three decades. Taking its first stride in this direction, the GCDA has unveiled plans for a twin tower apartment complex, which will occupy the one-acre GCDA land in Gandhinagar. The complex will be erected by demolishing the existing old staff quarters on the site.
During the GCDA executive committee meeting held on July 3, it was unanimously decided to proceed with the project and submit a comprehensive report to the state government. Reliable sources reveal that an architect has already been identified to craft a feasible design for the upcoming project.
To ensure smooth implementation, GCDA requires prior permission from the government, as each customer who purchases a flat within the complex will be entitled to a portion of the land. Hence, a proposal seeking government consent will be expeditiously forwarded.
Throughout the 1980s and 1990s, GCDA successfully executed several housing projects in and around the city, catering to different income groups such as low-income, middle-income, and high-income categories. Some notable projects from that era include the row houses at Panampilly Nagar, Gandhinagar, Edathala, and Rameswaram. However, the forthcoming apartment complex aims to target primarily the middle and high-income segments due to the substantial land value in the area.
A GCDA official who spoke to the press confirmed the body’s commitment to affordable housing. He confirmed that the proposed apartment complex will encompass modern amenities while offering affordability to the public. Although the design is yet to be finalized, preliminary plans outline the construction of twin towers spanning 12 floors each, accommodating a total of 82 units comprising 2BHK and 3BHK configurations. The project will also provide improved living quarters for GCDA staff members.
The estimated cost of the project stands at approximately Rs 60 crore. While GCDA will invest in the venture, revenue will also be generated through the sale of flats. Furthermore, the complex will feature a sizeable commercial space encompassing a shopping complex and supermarket.
The official emphasized the challenge of constructing affordable projects without compromising quality, stating that government regulations for such projects have set high standards, making it demanding to maintain affordability. However the civic body intends to implement caution at every step of the way, even considering the idea of a lotter system should the cost exceed certain limits. While the exact price of the flats cannot be confirmed at the moment, they will be cheaper than prevailing market rates. The GCDA’s primary objective is not profit driven.
The GCDA's decision to venture back into affordable housing projects reflects its dedication to addressing the housing needs of the community.
Propscience is India’s dedicated property news portal. We cover the latest events, news, trends, deals, new launches and more.
All our services and tools are completely free of cost and available 24X7!
