VBHC launches its first project Vaibhava in Bengaluru

INDIA, Bengaluru, August 18, 2010: Value and Budget Housing Corporation (VBHC) today launched Vaibhava, its first housing project in Bengaluru. The project will offer apartments with a basic price between INR 4.5 lacs and 10 lacs. At Vaibhava project, VBHC is deploying advanced construction methods that will ensure high quality while keeping costs under control this will also help the company deliver on its promise of handing over the allotted apartments in 12 months.

Value and Budget Housing Corporation (VBHC) is a company that has been cofounded by Jerry (Jaithirth) Rao, former Chairman of Mphasis; P.S. Jayakumar (formerly Consumer Banking Head, Citibank) and Sunil Narayan (leading real estate specialist) to address the growing need of quality housing in the country. The Housing Development Finance Corporation Ltd. (HDFC) has taken an equity stake in VBHC. VBHC plans to build over 1 million (10 lacs) houses across the country in the next 10 years and is already working on its upcoming projects in Chennai, Hyderabad and NCR.

"There are growing aspirations of owning a house today, in households earning between INR 15,000 - 40,000, but there are very few companies that are looking at this segment to offer entry level affordable housing solutions. We saw this as an opportunity and set up VBHC," said Jaithirth Rao, Chairman for VBHC. "We are very excited with the project and the response it is getting from the industry as well as customers."

Speaking on the project, Deepak Parekh, Chairman for HDFC said, "Developing a sustainable model to provide affordable homes for the low-income urban customer gives VBHCs vision a definitive edge in the market. We are pleased to be part of this endeavour which will bring significant value to the common man, without compromising on quality."

"Extensive customer research is the basis for the design of the Vaibhava project. On the execution side we have incorporated the most contemporary practices in building physics and construction technologies. With measures such as solar energy harnessing, water harvesting, dual-plumbing, waste management among others, the project is environmentally sustainable," said P.S. Jayakumar, MD and CEO, VBHC. "The project will stay true to our name of being high on value and low on budget."

The options for apartments in Vaibhava range from studio apartments to 1 and 2 bedroom hall and kitchen (BHK) apartments, which vary in size from 354 sq. ft. to 640 sq. ft. The project is conveniently located at close proximity to colleges, hospitals and markets, while also being well connected to the city. Vaibhava will have water treatment and bio gas plants, solar powered street lighting for the premises and a solar water heating system for the higher floors.

VBHC will adopt Form Systems in the construction of the project, which will allow for faster and superior construction, minimal wastage and high standardisation in the process. VBHC has also tied up with HDFC to provide home loans to buyers in their Vaibhava Project.

A CBSE affiliated school - Sujaya - is being built at Vaibhava to provide quality and affordable education to students residing in the area. There is also a working women's centre at the school, where women from the Vaibhava complex will be provided with opportunities to employ themselves gainfully. In addition, the school will operate a créche on the premises of the school to help mothers in the community get back to work should they choose to do so.

Amenities being provided at Vaibhava include a Primary Health Centre, 24x7 security, local shopping complex, ATM, power back-up for common areas and lifts, elevators, a community centre, festival plaza, landscaped gardens and a club house. Vaibhava is an environmentally conscious development and has features such as solar energy harnessing, water harvesting, dual-plumbing, waste management and designs that provide abundant sunlight and ventilation in houses.

Bookings for the apartments are currently open and customers are welcome at the site to see the model flats and also understand how VBHC is able to offer more within the price range. The engineering team present on location will guide visitors through the latest technology used in construction and the sustainable practices being adopted that will improve the quality of living in Vaibhava.

About VBHC

VBHC was co-founded by Mr. Jaithirth Rao, Mr. P.S Jayakumar and Mr. Sunil Narayan with a vision to build one million homes in the next ten years across urban India. VBHC is in the process of setting up an expansive network of integrated housing projects nationwide, that will apply industrial engineering to the construction process, build scale through standardisation - all while using the latest construction technology. VBHC is committed to providing value to the consumer by focusing on financial options for the end-customer, lowering maintenance costs and ensuring sustainable living with a high level of commitment towards renewable energy and water & waste management. VBHC projects are situated in the urban periphery and are well connected to the city's central transportation system. Each of the projects will be self sufficient and will contain an on-site English medium school, working women's centre, day care medical centre and a local shopping complex.