Migsun to invest Rs 1,000 cr on low-cost homes at Ghaziabad

Realty firm Migsun will invest about Rs 1,000 crore over the next two years to develop an affordable housing project at Ghaziabad.

Affordable housing has gained momentum on the back of infrastructure status and subsidy offered by the government. The GST rate has also been lowered at 8 per cent for affordable housing projects, leading to higher demand and supply in this segment.

The company would develop 3,000 housing units under the central government's scheme 'Affordable Housing in Partnership (AHP) Pradhan Mantri Awas Yojana', its MD Yash Miglani said.

"We are coming up with an 11-acre project 'Migsun Atharva' at Rajnagar Extension. We will build about 3,000 units, of which 800 units will be for economically weaker section (EWS) to be allotted by the government under this scheme," he told PTI.

The units allotted to EWS will be priced at around Rs 4.5 lakh, while the remaining flats will be sold at about Rs 10-12 lakh.

Miglani said the company would be investing about Rs 1,000 crore on this project.

The construction work will start next month and the project is expected to be completed in the next two years.

Migsun, earlier known as Mahaluxmi group, has developed about 10 residential and commercial projects in Ghaziabad.

At present, it is developing four housing projects, comprising about 4,000 flats, at Noida, Greater Noida and Ghaziabad in Uttar Pradesh, with an investment of about Rs 1,800 crore.

"We are targeting to complete these four ongoing projects in this financial year," Miglani said.