Realty firm Signature Global, which is into affordable homes, will invest Rs 310 crore to develop an affordable housing project in Gurugram, Haryana.
The company on Wednesday announced a new project Signature Global Imperial, which is spread nearly 9 acres of land parcel and comprises 1,141 units. It will sell flats in this project in a price range of Rs 17.56 lakh to Rs 28 lakh.
''In spite of ongoing pandemic conditions, the success of each of our affordable housing projects indicates strong pent-up demand for quality homes from trusted brands, who have a track record of offering great value for money,'' Signature Global founder and Chairman Pradeep Aggarwal said.
The total project cost of this project, which will be developed as per green building norms, is Rs 310 crore.
The project will be completed in the next four years.
In the last 7-8 years, Signature Global has launched 30 housing projects, mainly in Gurugram, Sohna and Karnal (Haryana), and out of that, seven projects have already been delivered. The company has also launched commercial projects, including a shopping mall, in Vaishali and Ghaziabad (Uttar Pradesh), comprising over 7.5 lakh square feet area.
The government is promoting affordable housing in a big way by charging only 1 percent GST.
Recently, housing brokerage firm PropTiger, which is part of Australia's REA group that also owns Housing.com, sales in eight prime housing markets increased 13 percent in 2021 to 2,05,936 units from 1,82,639 units in the previous year.
Out of the total housing sales, 43 percent was within the price bracket of Rs 45 lakh.
(With inputs from PTI)