India's biggest real estate developer, DLF has announced to invest Rs 15,000 crore (Rs 150 billion) over the next three years to develop various residential projects across the country. Interacting with the media, DLF Home Developers Vice President A Harikesh said that over the next three years the real estate giant will invest Rs 5,000 crore (Rs 50 billion) a year on mid-income housing projects. DLF's investment plans came at a time when public sector banks announced to cut home-loan interest rates.

 

Under the new plan, DLF Homes will set up about 40,000 housing units in the mid-income category. The houses constructed by DLF will vary in sizes from 1,000 sq ft to 1,800 sq ft, informed Harikesh. The real estate company has incurred tremendous response for its mid-income housing projects. According to reports, the DLF has sold over 7,000 flats in this year only. It is worth mentioning that the company was able to manage a steady growth rate despite slowdown in the housing demand for the last six months on account of high interest rate and capital value.

 

The mid-income housing projects of DLF are launched in cities like Bangalore, Gurgaon, Hyderabad, Indore, Kochi, Kolkata and Pune. The company plans to launch similar projects in Chandigarh, Jalandhar, Ambala, Goa and Lucknow within next six months. While informing about the price of the DLF's units, Harikesh stated that although the price will vary from city to city, but the company's units will range from Rs 2,000-3,000 per sq ft.