An NCR-based property developer, Supertech, has planned to invest about Rs 4,000 crore to develop affordable homes. The proposal has come in effect as the company predicts the high demands of low-cost homes after affordable housing getting infrastructure status in the February budget by the Indian government.
For the initial plan, the developer has already approached many consultants to raise about Rs 1,000 crore through external commercial borrowing (ECB). Rest of the amount is planned to get through through internal accruals and advances from customers, says by R K Arora, Chairman, Supertech.
Supertech has planned to fund a total of 40,000 affordable homes in the next four years. The company confirms that they have finalised the lands where the construction work can be started.
“The affordable housing has got a big boost in the budget this year. We are changing building plans of our existing projects in Greater Noida, Yamuna Expressway, Gurgaon, Meerut and Dehradun to launch low-cost homes,” adds Arora.
Source: ET Realty