Peninsula Land to invest Rs 160 crores, to develop 600 apartments in its affordable luxury project in Pune

Real estate developer Peninsula Land Ltd has announced the launch of the second phase of its affordable luxury project, addressOne Central Park, at Pune, offering over 600 apartments of one to three-BHK configurations, priced from Rs 19 lakhs onwards

Peninsula Land Limited, a part of the Ashok Piramal Group, on February 12, 2019, announced the launch of the second phase of addressOne Central Park in Gahunje, Pune, where it plans to develop over 600 apartments. Spread across 5.26 acres of land, addressOne Central Park is located on the Mumbai-Pune Expressway on the Pune side, next to the MCA cricket stadium.

The company said that it plans to invest Rs 160 crores in the project, which will offer five types of apartments (one-BHK to three-BHK), priced from Rs 19 lakhs (all-inclusive of stamp duty, registration and other taxes). AddressOne is Peninsula Land’s first affordable luxury project in Pune. The project has been designed by renowned architect Hafeez Contractor. In the first phase of the project in 2018, the company launched approximately 900 units.

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Speaking about the launch of the second phase, Rajeev Piramal, vice-chairman and managing director, Peninsula Land Ltd said, “We are very excited about the launch of addressOne Central Park, after receiving an overwhelming response for our phase one launch. We plan to invest a further Rs 160 crores, in developing 600 apartments in the second phase. At Peninsula Land, we believe in providing homes that are affordable and yet offer luxurious amenities to our customers. With growing urbanisation, India has a huge demand for affordable homes and to give the necessary fillip to this sector, the government too has provided several initiatives for the affordable housing sector. In the interim budget, to push ‘Housing for All’ initiative, the government has announced a set of tax reforms for the real estate sector. This will certainly boost the demand for the affordable housing sector.”

Peninsula has tied-up with Home Capital, to provide home buyers with interest-free loans on stamp duty and registration. With this, the customer will have to pay interest-free EMI for 18 months, which gets deducted in equal installments.

The project is also PMAY (Pradhan Mantri Awas Yojana) approved, which will grant the home buyer an interest subsidy of up to Rs 2.67 lakhs. AddressOne Central Park offers amenities like a clubhouse with a community hall, gymnasium, swimming pool, cricket nets, cycling track, football field, etc.

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