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Signature Global to invest Rs 375 cr on new affordable housing project in Gurugram

Signature Global to invest Rs 375 cr on new affordable housing project in Gurugram

Realty firm Signature Global, which is mainly into affordable homes, on Saturday said it will invest around Rs 375 crore to develop a new housing project in Gurugram, Haryana.

The national capital-based firm also announced its plans to launch 20,000 units under affordable housing segment this year.

Signature Global in a statement said that it has started construction work on a new project ‘Signature Global Proxima I and II’ comprising 1,410 units with a total investment of around Rs 375 crore.

Prices vary from Rs 22-26 lakh in this project, which is being developed under the Haryana government affordable housing policy.

Pradeep Aggarwal, Founder & Chairman, Signature Global, said, “Till date we have already launched 15,173 units under Haryana Affordable Housing Scheme and Deen Dayal Jan Awas Yojna and have delivered 1,820 units till date.”

The company is targeting to deliver another 3,181 units in Gurugram by the end of this year.

On launches in the pipeline for 2020, Aggarwal said the company plans to launch 9,000 units under Deen Dayal Jan Awas Yojna, 9,000 units in various locations of Gurugram under Haryana Affordable Housing Policy and 2,000 units in Rajnagar Extension Ghaziabad under the Pradhan Mantri Awas Yojna.

In the last five years, the company has launched 17 affordable housing projects, all in Gurugram, Sohna and Karnal in Haryana.

It has also launched a commercial project, including a shopping mall, in Vaishali, 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 per cent GST, interest subvention under the Credit Linked Subsidy Scheme (CLSS) and additional deduction of 1.5 lakh for interest paid on home loan under income tax law for flats priced up to Rs 45 lakh.

During 2019, housing sales improved marginally on the back of demand for affordable homes and ready-to-move in flats, according to reports of various consultants. MJH MKJ