NCR-based real estate developers MRG World will invest Rs 350 crore in developing a affordable housing project in Dwarka Expressway at Sector 106, Gurgaon.
Spread over 10 acres, the project will be developed in single phase over a period of four years.
“The affordable housing segment is getting a major boost with the Haryana Cabinet’s approval of Amendment in Affordable Housing Policy-2013 Haryana Development and Regulation of Urban Areas Act 1975 for change in minimum area limit, project area limit, increase in commercial component and parking provisions,” said Vikas Garg, Deputy MD, MRG World.
The company has three under construction projects in Gurugram, which it says it will deliver before time. The Meridian’ at sector 89, Gurugram, ‘Ultimus’ is at Sector 90, and The Balcony at Sector 93, Gurugram. All the three projects are under registered under Pradhan Mantri Awas Yojna (PMAY).
“The project’s lack of a car parking space was a hindrance, and the inclusion will improve the segment’s appeal. Despite the fact that affordable housing has the highest demand, many buyers have have been unwilling to purchase owing to a lack of parking space; therefore, with parking space, demand will increase even more,” Garg added.
With a total of 1334 units, the prices of the project that comes under Pradhan Mantri Awas Yojna (PMAY) are starting from Rs 25.26 lakh for 2BHK.
“Affordable housing is a popular trend among property buyers these days. Gurugram has a lot of affordable options, but it lacks in terms of amenities, which our new project will fill,” said Rajat Goel, Joint MD, MRG World.