Realty firm Signature Global will invest over Rs 500 crore during subsequent four years to develop two new affordable housing projects in Gurugram, Haryana, a top company official said.
The two projects, comprising around 2,400 units, are going to be developed under the Haryana government’s affordable housing policy.
“We are launching two new affordable housing projects in Gurugram. we’ll construct around 2400 units,” Signature Global Founder and Chairman Pradeep Aggarwal told PTI.
The demand for affordable homes remains intact despite the COVID-19 pandemic, he said.
Asked about the project cost, Aggarwal said the corporate would invest over Rs 500 crore on the event of those two projects.
The project ‘Signature Global Superbia‘ in Sector 95 is cover 7.3 acre and can have 1,061 units, while the 9.1-acre project ‘The Millennia 3’ in Sector 37D is in venture with the land owner and comprises of 1,322 units.
The selling prices of the units start from over Rs 23 lakh.
Aggarwal said the corporate will fund these two projects from internal accruals. the corporate currently features a debt of around Rs 600 crore.
In the last six years, Signature Global, which is especially into affordable homes, has launched quite 20 housing projects in Gurugram, Sohna and Karnal (Haryana). it’s delivered three housing projects.
The company has also launched commercial projects, including a mall , in Vaishali and Ghaziabad (Uttar Pradesh), comprising over 7.5 lakh square feet area.
The government is promoting affordable housing during a big way by charging just one per cent GST and providing interest subsidy under the Credit Linked Subsidy Scheme.