The project ‘SHRI Sky Park’ would be constructed as per the area norms laid down under the Pradhan Mantri Awaas Yojana (PMAY) so that the eligible buyers can claim subsidy from the government, he added.
Real estate sector is facing a multi-year demand slowdown. But, of late, the demand for affordable housing has improved on the back of several positive measures announced by the Centre. The affordable housing segment has been given infrastructure status enabling real estate developers to access finance at lower interest rates. That apart, the Centre is giving interest subsidy of around Rs 2.5 lakh to home buyers under the PMAY scheme.
“We have started construction of our third housing project in Greater Noida (West). We will build about 2,000 units in this project. Initially, We have opened 700 units for sale in a price bracket of Rs 18-35 lakh,” Agrawal said.
The project is registered with the real estate regulatory authority (RERA) and is expected to be completed in the next 4-5 years. The total project cost is estimated at Rs 600 crore and the same would be funded through internal accruals and bank loans, he said, adding that the company intends to raise Rs 100 crore to fund this project, he added.