MRG World to invest Rs 200 cr to build another affordable housing project

Realty firm MRG World on Wednesday said it will invest Rs 200 crore to develop its new affordable housing project in Gurugram in the affordable price category of Rs 23-27 lakh.

The company, which is into financial services, agro-trading and education, recently made a foray into the real estate sector. This is the third affordable housing project of the company.

MRG World has launched a new residential project 'Ultimus' in Gurugram, Haryana. The company will construct 720 apartments in this 5-acre project, the company said in a statement.

The selling price has been fixed at Rs 4,000 per sq ft and will be priced between Rs 23.4 lakh and Rs 26.8 lakh.

The project would entail an investment of Rs 200 crore, which will be met by internal accruals and the proceeds from sale.

The construction work has already commenced and the project would be delivered by 2023.

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.

Last month, MRG World started its second affordable housing project 'The Meridian' in Gurugram.

The company will develop 755 units in this 5.5-acre project.

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. An interest subsidy up to Rs 2.67 lakh is also available under the credit linked subsidy scheme.