MRG World to invest Rs 200 cr on second affordable housing project in Gurugram

Realty firm MRG World will invest Rs 200 crore to develop its new housing project in Gurugram in the affordable price category of Rs 22-26 lakh.

The company, which is into financial services, agro-trading and education, recently forayed into the real estate sector.

MRG World has announced its second affordable housing project 'The Meridian' in Gurugram, Haryana.

The company will develop 755 units in this 5.5-acre project, it said in a statement.

MRG World expects to develop the project at an investment of Rs 200 crore. The construction work has started and the project will be completed by 2023.

The flats are priced between Rs 21.7 lakh and Rs 25.8 lakh.

"There is a dearth of affordable housing option in Gurugram with world class amenities. Our new offering The Meridian' is an attempt to fill that void," said Rajat Goel, Joint MD, MRG World.

The customers can get interest subsidy offered by the Centre under the Prime Minister Awas Yojana.

In its first housing project 'Balcony' that was launched in June this year, the company is developing 731 apartments in Gurugram under the affordable housing policy of the Haryana government at a project cost of around Rs 200 crore.

Real estate developers across the country are focusing on the affordable housing segment to boost sales and beat a demand slowdown.

Even the government is promoting this segment by charging only 1 per cent GST and offering an additional tax deduction of Rs 1.5 lakh on interest paid on home loans for units priced Rs 45 lakh and below.