65-acre township project in Bangalore

Bangalore-based Orange Properties, a subsidiary of the real estate marketing agency Orange Group, has announced the launch of a 65-acre township project near Devanahalli in Bangalore, where the company offers villas and apartments at the “cost price”. This is the second development project for Orange Group, which was hitherto marketing projects of other builders.

R Vijay, founder and CEO, Orange Group said, “Cost price means prevailing land cost plus the actual cost of construction.”

The four-day offer is set to open on December 25. But from the fifth day of the launch, the prices would see a hike, wherein the company would add its 25 per cent margins, Vijay added.

Phase 1 of the project would see development on 25 acres, with 800 apartments, 270 villas and 45 row houses being planned with sales realisation of Rs 400 crore.

“The villas would be offered from Rs 70 lakh onwards, and we are offering an international luxury sedan free for the first 50 bookings,” Vijay said.

The size of apartments in the township would be 800-1,350 sq ft, starting from less than Rs 20 lakh. The company plans to have 12 launches next year; the next project would be launched in February.

The company has earmarked Rs 32 crore for advertisements till March, Vijay said.