Signature Global is putting their hands in the market of affordable housing with the investment of Rs. 500 crore to construct two affordable housing projects in Gurgaon.
The source informed that the company is expecting better demand of houses after the launched of Pradhan Mantri Awaas Yojna. The government is providing an interest subsidy under PM Awas Yojana to the beneficiaries of the scheme.
Signature Global Chairman and Co-Founder Pradeep Aggarwal informed that the company launched two affordable housing projects for 2,405 units in the price range of Rs. 18.00 lakh to Rs. 24.00 lakh.
The developer is already constructing five housing projects having more than 5,000 units in Gurgaon under Affordable Housing Policy of Haryana Government.
Source Said that the company has launched two new affordable housing projects in Haryana and the project will be constructed at the worth of Rs. 500 crore over the next four years.
The allotment of these housing units would be done through lottery. “We expect good response from customers who will be eligible for interest subsidy announced by the government under the Pradhan Mantri Awaas Yojana,” he also added.
Signature Global is exploring opportunities for affordable housing projects in Maharashtra, Gujarat and Uttar Pradesh besides Haryana. On this, the official said that although the margin is less in affordable housing projects, the sales volume is higher.
To boost rural and urban housing, the Prime Minister Narendra Modi introduced interest subsidy scheme under which the beneficiaries will get around 6% to 3% interest subsidy on the loans taken under the radhan Mantri Awaas Yojana.
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.