XRBIA Developers announced today that they are foraying into UK market with its first affordable housing project in the outskirts of North East London in alliance with a local builder to launch a 1million sq ft project spread over 20 acres. Founded in 2012, XRBIA Developers focuses on affordable housing and has so far built 15 million sq ft of projects and has an additional 15 million sq. ft under construction in and around Mumbai and Pune. In London, Xrbia’s maiden project is setting out to deliver these ‘micro’ homes spread over 400 sq ft at a cost of around 80,000 pounds and 600 sq ft 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.
Rahul Nahar, Founder, XRBIA says, “UK is an undersupplied market for affordable housing. There is huge migration taking place across major cities and that’s a great opportunity for providing affordable housing. We will further our business plan through joint ventures with local developers, who would be responsible for land parcels and approvals for the project, while XRBIA will handle mass construction and sales activity.”
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.
While XRBIA is looking to develop such affordable projects in other key UK cities, major focus will remain on peripheral areas of London.