Shriram Group has finalized plans to enter the market

Chennai-based Shriram Group has finalized plans to come into the market for low-budget homes aimed at middle-income groups. Shriram is the latest property developer to try and tap into affordable housing segment as demand for real estate slumps in a slowing economy. Bangalore headquartered Shriram Properties will invest Rs. 500 crore over three years to build more than four thousand apartments in Bangalore, Chennai, Kolkata, Coimbatore and Vishakhapattnam cities where the company already has a significant presence, MD M Murali said. Delhi based Omaxe and Bangalore-based Golden Gate, Provident Housing & Infrastructure, Mantri Developers, Ozone Group and Vakil Housing have all outlined plans in recent months to develop low-budget housing project. The companies hope to drive down costs by acquiring land on the outskirts of cities and using modern construction techniques. It also expects to benefit from discounts on bulk purchases of construction materials.