Value and Budget Housing Corporation (VBHC) last week launched Vaibhava, its first housing project in Bengaluru.The project will offer apartments starting from Rs 4.5 lakhs and going upto Rs 10 lakhs.
Value and Budget Housing Corporation (VBHC) has been started by Jerry (Jaithirth) Rao, former Chairman of Mphasis and P.S. Jayakumar (formerly Consumer Banking Head, Citibank) and Sunil Narayan (leading real estate specialist) to address the growing need of quality housing in the country.
VBHC is deploying an advanced construction method which will ensure a high quality, while keeping costs low. The company expects to deliver finished apartments within 12 months of initiating the project.
Aluminium beams are being shipped in from Kansas City and taken to the project site, about 11km from Electronic City in Bangalore, to build more than 1,900 homes. The lightweight aluminium beams, instead of concrete, will use a cast on site technology.These beams will be erected at the location and concrete will be poured on them, giving the flats a durable structure. Windows and doors will then be fitted in.
Both the technology and the aluminium structures have been imported from a US based firm – Western Forms and would reduce the per sq. ft cost of the homes by about 35-40 % and reduce construction time by 25%. This would allow VBHC to build an apartment every day.
HDFC has picked up an equity stake in VBHC. VBHC plans to build more than 10 Lakh (1 Million) houses across the country in the next 10 years and has started work on it’s upcoming projects in Chennai, Hyderabad and NCR Region.
Jerry Rao speaks to CNBC-TV18 about Value and Budget Housing Corporation
Speaking to the media Mr Jaithirth Rao, Chairman of VBHC said “ There are growing aspirations of owning a house today, in households earning between INR 15,000 – 40,000, but there are very few companies that are looking at this segment to offer entry level affordable housing solutions. We saw this as an opportunity and set up VBHC,”.
Speaking on the project, Deepak Parekh, Chairman for HDFC said, “Developing a sustainable model to provide affordable homes for the low-income urban customer gives VBHCs vision a definitive edge in the market. We are pleased to be part of this endeavour which will bring significant value to the common man, without compromising on quality.”
These low cost houses will be environmentally sustainable and will be built to include solar energy harnessing , water harvesting, dual-plumbing and waste management.
The options for apartments in Vaibhava range from studio apartments to 1 and 2 bedroom hall and kitchen (BHK) apartments, which vary in size from 354 sq. ft. to 640 sq. ft. Vaibhava will also have water treatment and bio gas plants, solar powered street lighting for the premises and a solar water heating system for the higher floors.