Realty firm Signature Global will invest Rs 400 crore to develop two new affordable home projects in Gurugram as part of its expansion plan in low-cost housing segment.
Realty firm Signature Global will invest Rs 400 crore to develop two new affordable home projects in Gurugram as part of its expansion plan in low-cost housing segment. The company, which last month got Rs 200 crore funding from private equity player KKR, today launched two projects — comprising 1,900 units — which will be constructed over the next four years. The projects have been launched after registering them with state regulator under the new Real Estate (Regulation and Development) Act.
With the launch of the two projects, the company has so far announced the development of 9,300 units in 9 projects — all under the Haryana affordable housing policy. Signature Global will build 1,448 units in ‘The Millennia’ project and another 448 units in ‘Solera-2’ project. The selling price has been fixed at Rs 4,000 per sq ft of carpet area. The apartments will be sold through a draw in a price range of Rs 20-25 lakh.
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“The demand for affordable housing is increasing each day. We had launched 7,405 affordable units in 7 projects and with the new launches today, we have added 1,900 more units. Now, we would be developing over 9,300 units under 9 projects,” the company’s chairman and co-founder Pradeep Aggarwal said. The project cost is Rs 400 crore which will be funded through internal accruals and funds raised from KKR.
He said the company plans to launch around 20,000 more affordable units in the future. Ravi Aggarwal, Managing Director & co-founder, said, “Supporting the cause of Housing for All and celebrating National Housing Day, we have announced the participation in draws online by purchasing the booking form for Rs 1,000 and just paying 5 per cent of the total unit cost.”
Besides KKR, the Delhi-based firm had last year raised Rs 150 crore from ICICI Prudential. With affordable housing segment getting infrastructure status in this year’s budget, the real estate developers are focusing on low cost homes. The government is also providing interest subsidy on loans for affordable housing.