Electro Constructions targets niche segment

Chennai: The Chennai-based Electro Constructions Pvt Ltd and part of the Rs100-crore Electro Group is developing two holiday community projects on the East Coast Road. The Rs25 crore project is targeted at the lifestyle oriented and first time home buyers. The company has acquired about 50 acre for this purpose.

Of the two projects (named The Village and Little India), ''The Village'' comprising 42 holiday homes is nearing completion with most homes already sold out and work is slated to begin on ''Little India'' that will consist of 40 homes.

According to Electro group chairman Brij Khandelwal, the choice before us was to be focused on a select niche and grow in that space. "It is while looking for this differentiation that we identified a class of buyers, not fully addressed by the current offering- the youngsters and first time home buyers with relatively lower budgets to invest and lifestyle oriented individuals who are not keen to be boxed into flats in high-rise apartment complexes. This is a trend that is widespread in cities like Bangalore and we feel Chennai is ready for it too." The company is targetting individuals with a budget of Rs80 lakh - Rs1.25 crore and those with less than Rs40 lakh but wanting to own an independent home.