MRG World, which is into financial services, agro-trading and education businesses, has forayed into real estate sector and will develop its first affordable housing project in Gurugram, Haryana with an investment of Rs 200 crore.
The company will develop 731 apartments in this five-acre project under an affordable housing policy of the Haryana government. The units will be allocated through lucky draw.
Promoters of this group were associated with realty firm Signature Global, which is developing about 10 projects in Gurugram under the affordable housing policy.
"We have entered into real estate with our first affordable housing project 'The Balcony' at Gurugram," MRG World Joint MD Rajat Goel told reporters.
The company has fixed Rs 24 lakh price for a 590 sq ft carpet area apartment.
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Goel said the total project cost is Rs 200 crore which will be funded through internal accruals and advances from customers.
The construction of the project has started and will be completed in four years, as stipulated under the housing policy of the Haryana government. The customers would be eligible to get interest subsidy under the Pradhan Mantri Awas Yojana.
"We are entering into affordable housing as there is a huge demand in this segment," MRG World deputy MD Vikas Garg said.
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