Affordable Housing Is on the top list of priority: MRG World’s Vikas Garg
The co-founder and the Director of MRG World, Vikas Garg has sensed the need of affordable housing for people who are willing to buy shelter but unable to do so owing to the expensive property rate. Therefore, he took the responsibility of delivering projects ahead of the schedule.
Real estate has seen complete transformation in the last few decades, and it has enabled people from all walks of life to fulfil their dream of buying home. Today, many small and big real estate developers are entering the domain to meet the rising demand in affordable housing.
Among numerous industries, Mr. Vikas thought to select the real estate industry and decided to study the same industry. After completing MBA and CFA Degree, he analyzed that the real estate sector is fully loaded with projects that are not catering to the segment which immediately needs shelter. Garg then found real estate as the right path for him and delivered affordable housing projects. Soon, the journey kicked off as MRG World came into existence.
At a very young age, he noticed the uneasiness of people with the high priced properties that were doled out. The talks of high disposable income, double income, etc cut no ice with the realistic Garg. During the college days, he got fascinated by the thought of providing homes to needy and started day dreaming about the happiness he would get by looking at the happy faces of people moving into their homes.
The urge to cater to the middle income group picked up pace when he would go for house warming parties. Garg says, “Those signs of elation and a wide grin on middle-class families never left my imagination. I noticed a genuine feeling of thankfulness and content on fulfillment of a dream. The purity of emotions made me realize the meaning of true happiness – to help fulfill the housing dreams of people who need it most,”.
“Affordable housing is an intricate form of development. The cost constraint is a challenge as this market is extremely price-sensitive, and to control the price when costs are skyrocketing requires implementation of potent engineering. From choosing the right location to designing, controlling marketing cost, etc forms an inseparable part of the efforts to ensure that the cost of units remains within reach of the target buyers,” adds Garg.
According to Mr. Garg “Knowing the pulse of the buyer is important when you are catering to affordable housing”. This clearly states that he understands the challenges that the middle class face when they have to manage paying both the EMI and rents simultaneously in case project gets delayed. That’s why MRG World decided to adhere to the policy of delivering the projects before time. MRG world has sold out three projects in Gurugram – Meridien (755), Ultimus (720), and Mrg World Balcony (730). The company will deliver these projects ahead of the scheduled deadline in 2022 – Balcony by March 2022, Mrg World Meridien and Mrg World Ultimus by December 2022.”
“In fact, the resolve of the company to stick to affordable housing got attestation from the reality that the demand for affordable went up when the global pandemic hit everyone hard. “We also noticed the renewed interest of fence-sitters to own a real estate asset. This is the reason that the company has plans to come up with several projects in 30-40 acre with around 6,000 flats in the affordable segment,” informs Garg.