new delhi realty firm omaxe on sunday said it has shelved its rs 80000crore investment plan aimed at developing 10 lakh affordable houses across the country over a period of five yearsthe project could not take off after the slowdown impacted all the developers in 2008 we tried to develop some houses at some locations the project is shelved now omaxe chairman and md rohtas goel told ptiin may 2008 the company had announced an elaborate plan to build 10 lakh affordable houses for lowincome consumers across tier ii and iii cities at a price ranging between rs 3 lakh and rs 15 lakh over a period of five yearsthe national capitalbased developer had tiedup with farmers in gujarat and maharashtra to acquire land for developing the affordable houses he addedhowever it did not finally materialise goel said he however declined to divulge if the company had put in any money in initiating the projectthe 200809 global financial crisis had hit the realty sector hard and the same is expected again under the current economic environmentomaxe had formed a subsidiary national affordable housing and infrastructure ltd nafhil for the lowcost housing project and had also initiated an international design competition besides publishing advertisementslater the company divested 51 per cent stake in nafhil to a promoter group firmthe company had initiated dialogues with the state governments in uttar pradesh and madhya pradesh in february 2008 to implement the affordable housing project it had also placed a concept plan for consideration before the union state minister for urban housing at that timegoel had said omaxe would construct 800 million sq ft to develop 10 lakh housing units of size starting from 300 sq ft to up to 1500 sq ft about 20000 acre of land would be required to develop the projectthe company had planned to develop 500010000 housing units at every location over an area of about 100200 acre it had said it would sell these units through lottery system and would charge only rs 100150 per sq ft as profitit had identified indore as the first location for the proposed project with plans to develop 10000 lowcost homes at a 200acre township at an investment of about rs 1000 crore it planned to offer the flats sizes of which would have started from 350 sq ft for rs 410 lakhsimilar projects were also planned in other locations such as raipur bhopal bareilly and allahabad