Leading financial investor KKR has committed to invest Rs 200 crore in the NCR-based affordable housing player Signature Global India Pvt Ltd. The company also announced the launch of two more affordable housing projects in Gurugram – ‘The Millenia’ in Sector – 37D and ‘Solera 2’ in Sector 107. These projects would be coming up under the Haryana Affordable Housing Policy, like their earlier projects.
The company plans to deliver the first phase of the Solera project, launched in 2015 under the same policy and awarded a 5-star rating from CARE Rating, by the early 2018.
On this occasion, Pradeep Aggarwal, co-founder & chairman, Signature Global, said, “It is very exciting and encouraging to partner with a leading financial investor like KKR and we wish to take forward this partnership in a long way. We are currently developing approx 7,400 affordable homes, out of which we have already allotted 5005 units and 2400 would be allotted soon. We wish to develop over 1,00,000 affordable homes till 2022. The current launch of over 1900 units is a step in the same direction and would come up at a total cost of Rs 500 crore.”
Apart from the recent accrual of Rs 200 crore, Signature Global had also raised Rs 150 crore from ICICI Prudential in May last year. To boost rural and urban housing, post demonetisation, the Prime Minister had announced interest subsidy of up to 3, 4 & 6.5 per cent on loans taken under the Pradhan Mantri Awaas Yojana. The amount raised through this recent funding would be used towards the development of the company’s affordable housing projects.