New Delhi, Oct 13 (PTI) Realty firm Signature Global,which is into affordable homes, today said it will develop alow-rise housing project, comprising 2,100 units, at Karnal inHaryana with an investment of about Rs 425 crore.
This will be the company's first project outsideGurugram, Signature Global Chairman Pradeep Aggarwal said.
Signature Global has launched 9 affordable housingprojects, comprising about 9,400 units in Rs 15-25 lakh pricerange, in Gurugram in the last three years of operations. Allprojects are under the Haryana Affordable Housing scheme.
"We will develop 2,100 low rise apartments in Karnal intwo phases under the Haryana government's Deen Dayal AwasYojana," he told PTI.
He said the first phase of 6.5 acre has been launchedwhile the 30 acre second phase will be launched in early 2018.
On investment, he said the project cost for the twophases will be Rs 425 crore and the same will be financedthrough internal accruals.
Earlier this year, Signature Global got Rs 200 crorefunding from private equity player KKR. The Delhi—based firmhad last year raised Rs 150 crore from ICICI Prudential.
The company is one of the key stakeholders of financialinvestment firm SMC Group.
"We need development of more affordable housing units toachieve Housing for All. We have already launched 9 projectsin Gurugram and Sohna and now we are expanding to other citiesas well," Aggarwal said.
With affordable housing segment getting infrastructurestatus in this year's budget, the real estate developers arefocusing on low cost homes. The government is also providinginterest subsidy on loans for affordable housing. PTI MJHSBT.
This is unedited, unformatted feed from the Press Trust of India wire.