By Accommodation Times Bureau
Gaurs group a leading Indian realty firm said in a conference today that it has started the affordable housing segment of its business. It further stated that it will invest Rs 1000 crore in development of two projects in the national capital region over the next three years.
Managing director of the company, Manoj Gaur said, the projection is to build about 7000 flats in Ghaziabad and Greater Noida.
The managing director also stated that the group is optimistic about the housing demand and has been able to sell over 5000 properties worth Rs 2000 crore during the previous quarter, lambasting the slowdown in real estate sector.
The Gaurs Group has 25 acres of land on Yamuna Expressway in Greater Noida and 8 acres in crossing township at Ghaziabad where it would construct about 7000 flats out of which 2000 apartments are only for Economically Weaker Section (EWS).
Gaur being asked about investment said that the total project cost is estimated at about 1000 crore and the same would be financed through internal sources and bank loans.
Gaur, who is also Vice-president of CREDAI said, “ We want to build flats for those whose salary is in Rs 25000-30000 bracket so that they are not forced to live in unauthorized colonies.’’
He added, “The company is scouting for land in the NCR to develop more such projects, we want to launch 10000 flats in this financial year under this state housing policy.”
The UP government is providing incentives to boost the supply of affordable homes, he added.
The company stated, these projects would be commenced as per rules and regulations prescribed by the Government of India.
Gaur said, “Overall the company is developing 14000 units, of which 5000 homes will be delivered in this financial year.”