Unitech announces its new low-budget apartment project and calls it 'The Nano Effect'. The company is now pinning its hopes on the sub-Rs 5 lakh (Rs 500,000) category of flats to combat the slump in the realty sector. Other developers such as Omaxe, Raheja, Tata Housing and Ansal API are also planning to develop new projects in the suburbs of satellite towns or smaller cities to target the low-income segment, to generate more cash. Unitech and the Raheja group are planning to build single-bedroom homes in and around Gurgaon. While Unitech is busy conceptualising the project, Raheja has announced plans to construct 10,000 flats in the Rs 5 lakh (Rs 500,000) range at Gurgaon. Tata Housing Development, too, is working out the possibility of a sub-Rs 5 lakh (Rs 500,000) housing project. "The inspiration to develop smaller and cheaper apartments comes from the Nano, which is eliciting a tremendous response. I am sure our project will see a similar response, given the fact that we will come up with such low-cost apartments near metros," said Mr. R Nagaraju, head, corporate planning and strategy, Unitech.

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