A well known NCR’s leading Realty developer, True Habitat has raised Rs 30 crore from CSL Finance so that it can acquire over 4.16 acres of land bank in sector 79,Gurgaon. The realty company is contemplating developing a group housing project which will fall under Haryana government’s affordable housing policy. It will offer accommodation of 650-700 apartments and will have 4,692 sq. ft. of commercial space. The land acquisition cost is Rs 35-40 crore which will include approval cost. This was confirmed by Shyamrup Roy Choudhury, MD of True Habitat Group of Companies. He further informed that the group will invest another Rs 100–110 crore for construction and development.
Diwakar Rana, managing director, capital markets, at Savills India says,
“The performance of affordable housing projects over the last turbulent five years is witness to the solid demand fundamentals of this asset class in Indian Cities,”.
True Habitat’s Chaudhury said, “We have witnessed increased private equity participation on an institutional scale to develop urban social impact in the last decade, buoyed by government policy initiatives.
According to Chaudhary, he is planning to fund this construction through internal accruals.
He further added that “We will launch around 3,500 apartments in2022, starting with this project, and the pre-planning work is underway. More acquisitions will be made in 2022.”
He also confirmed that the True Habitat will make sure to use the modern construction technology and design in the project development to offer sustainable living spaces of high quality to its buyers. True Habitat’s housing brand ‘Bodh’ is promoted by Choudhury,who was the COO in the affordable housing segment for Adani Realty. The developer will soon be launching over 1 million sq. Ft. of affordable housing flats by next month, I.e.by 2022.