The realty firm Signature Global has decided to develop two new housing projects in Gurgaon with an investment of Rs. 500 crore. The company is expecting for better demand after the announcement of interest subsidy under the Centre’s Pradhan Mantri Awas Yojana.
According to the news, Signature Global Chairman and Co-Founder Pradeep Aggarwal said last week the company has launched two new affordable housing projects. The both housing projects are comprising 2,405 units in a price range of Rs 18-24 lakh.
At present, the company is already constructing five housing projects comprising over 5,000 dwelling units in Gurgaon under the Haryana government’s affordable housing policy.
In this regard, Pradeep Aggarwal said that we have launched two new affordable housing projects in Haryana. Total cost to develop these two projects will be about Rs 500 crore over the next four years. He also said both projects housing units would be allotted through the lottery system.
Pradeep Aggarwal said that the company is expecting the good response from the customers who will be eligible for interest subsidy announced by the government under the Pradhan Mantri Awas Yojana.
According to the information, Of these five projects, the first project would be launched in January-March quarter of next year. The company is also looking for new opportunities for developing affordable housing projects in Maharashtra, Gujarat, and Uttar Pradesh besides Haryana.
Aggarwal said although the margin is less in affordable housing projects, the sales volume is higher.
In order to provide affordable housing in rural and urban areas, the Prime Minister had announced the interest subsidy of up to 4 percent on loans taken under the Pradhan Mantri Awas Yojana.
As per the scheme, in urban areas, housing loans of up to Rs 9 lakh and up to Rs 12 lakh will receive interest subsidy of 4 per cent and 3 per cent respectively, while in rural areas, loans up to Rs 2 lakh will get an interest subvention of 3 per cent.
News Source: http://realty.economictimes.indiatimes.com/news/residential/signature-global-to-invest-rs-500-crore-to-build-affordable-homes/56591232