Gaursons one of the most renowned developer has stepped into the affordable housing segment and the group will invest Rs. 1,000 Crore in two projects initially which will be completed in the next three years. Manoj Gaur, the Managing Director of the company said that these two projects comprises of 7,000 housing units and will cost between Rs. 15-25 lakhs. The projects are planned at Greater Noida and Ghaziabad in NCR.
The developer has sold nearly 5,000 properties of worth Rs. 2,000 crore in the past four months and is excited about entering into the new segment. The Gaursons has finalized the land for these two projects as per the rules and shared this news while attending a conference. Nearly 2,000 housing units will be dedicated to the EWS [Economically Weaker section] out of the total 7,000. The developer has bought 25 acres land on Yamuna Expressway in Greater Noida and 8-acre land parcel in the Crossing Republic at Ghaziabad.
All apartments that are being constructed for the EWS section will be handed over to the State Government and these units will not cost more than Rs 4.5 lakh. The total investment of Rs. 1000 crore will be managed via internal accruals and bank loans.
The affordable housing projects are planned in accordance to the rules laid for the PMAY Scheme as this will help the beneficiaries to avail the interest subsidy offered by the Central Government.