Aliens Developers to take up new project with affordable housing component

Following Government clearances, Hyderabad-based Aliens Developers has commenced work on Space Station 2 integrated housing project near the Fab City with initial investment of Rs 35 crore along with an affordable housing component. Speaking to reporters, the managing director of Aliens Developers, Hari Challa, and the joint managing director, Venkat Challa, said the project located on a 36-acre site along the Srisailam highway near the Shamshabad International airport project, will have 1600 apartments. “This project will have affordable housing component. It has two bedroom apartments to duplex ones. The pricing will be finalised shortly,” Hari Challa said. “The second phase of Space Station project was planned to begin operations in second part of 2009. However, due to unforeseen circumstances, including untimely death of the chief minister, Y S Rajasekhara Reddy, elections to Greater Hyderabad Municipal Corporation and the recent agitation, we have begun work on the project,” he said. “The Space Station I project envisages development of 2,000 apartments by December 2011,” Hari Challa added. “The company has completed the major component of Aliens Space Station project I where it has laid the Transverse slab, something which is used in commercial establishments and being introduced in apartments for the first time. With the Transverse slab technology, it is possible to reduce the time of laying one slab to 5 to 7 days from 14-21 days before,” he said. “The Phase I is progressing well with a booking of nearly 1,000 apartments. The first batch of deliveries will commence early next year. The price correction has already been implemented, said Hari Challa said. Sometime later in the year, Hari Challa said, “We could look at funding through private equity players though no decision has been taken as yet.” Source:http://www.realtyplusmag.com/rpnewsletter/fullstory.asp?news_id=6984&cat_id=1 Posted in Builders/ Developers, Hyderabad, New projects Tagged: affordable housing, Aliens Developers, Hyderabad