Signature Global, a real estate company, launched two affordable housing projects in Gurgaon with an investment of around Rs 500 crore.
Government’s recent announcement of subsidy on interest under Pradhan Mantri Awaas Yojna (PMAY) has played a vital role in this announcement. In fact, the company is expecting a better demand with increasing numbers of home buyers.
These two affordable housing projects incorporate total 2,405 units with a price range of Rs 18 to 24 lakh. Previously, Signature Globe launched five housing projects which are already in construction phase offering more than 5,000 units in Gurgaon under the Haryana government’s affordable housing policy.
According to the co-founder – Pradeep Aggarwal – the unit coming under these two housing projects will be allocated to the eligible applicants through a lottery. He is hoping that the project would be oversubscribed.
The company is planning to use its internal accruals and Rs 150 crore, which is raised in debt form at group level from ICICI Prudential real estate fund last year, for the investment. It further aims to explore and grab opportunities for affordable housing projects in Maharashtra, Gujarat and Uttar Pradesh.
“We expect a good response from customers who will be eligible for interest subsidy announced by the government under the Pradhan Mantri Awaas Yojana,” says Aggarwal.
Source: ET Realty