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XRBIA Developers forays into affordable housing in UK

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In London, Xrbia’s maiden project is setting out to deliver these ‘micro’ homes spread over 400 sqft at a cost of around 80,000 pounds and 600 sqft at 120,000 pounds.

MUMBAI: Realtor XRBIA Developers is foraying into UK market with its first affordable housing project in on the outskirts of North East London in alliance with a local builder to launch a 1million sqft project spread over 20 acres, a top company official said.

“UK is an undersupplied market for affordable housing. There is huge migration taking place to across major cities and that’s a great opportunity for providing affordable housing,” said founder Rahul Nahar.

“We will further our business plan here through joint ventures with local developers, who would be responsible for land parcels and approvals for the project, while XRBIA will be handle mass construction and sales activity.”

Founded in 2012, XRBIA Developers focuses on affordable housing and has so far built 15 million sqft of projects and has an additional 15 million sqft under construction in and around Mumbai and Pune.

In the UK project XRBIA will hold 40 per cent stake and has already received local approvals and is expected to be launched in the next one month. Xrbia’s standard product is a seven-storey building with apartments of 40 square meters.

In London, Xrbia’s maiden project is setting out to deliver these ‘micro’ homes spread over 400 sqft at a cost of around 80,000 pounds and 600 sqft at 120,000 pounds. The company plans to invest Rs 100 crore on affordable housing projects in UK over the next one year that will be financed through internal accruals.

“We are evaluating more proposals for tie-ups with local developers with experience in social housing. As a strategy, XRBIA will enter into a joint venture with 60:40 ratio of stake, where it will be a 40 per cent partner and will allow the partner to operate the project as they have the local expertise,” Nahar said.

While the Indian developer is looking to develop such affordable projects in other key UK cities, major focus will remain on peripheral areas of London. “By 2020, XRBIA plans to be an established real estate brand in the UK,” Nahar added.

Source: economictimes.

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