MRG World Private Limited, a real estate developer based in the National Capital Region, will invest Rs 350 crore in an affordable housing project near the Dwarka Expressway in Sector 106, Gurgaon.
The project will be developed in a single phase over four years, spanning 10 acres.
According to Vikas Garg, Deputy Managing Director at MRG World, the affordable housing segment is getting a major boost after the Haryana Cabinet approved Amendment in Affordable Housing Policy-2013 Haryana Development and Regulation of Urban Areas Act 1975, which changes the minimum area limit, project area limit, increase in commercial component, and parking provisions.
The company is currently working on three projects in Gurugram Meridian at sector 89, Ultimus at Sector 90, and the Balcony at Sector 93, which it claims will be completed on time. The Pradhan Mantri Awas Yojna (PMAY) covers all three projects.
Garg added that the lack of a car parking space in the project was a stumbling block, and its inclusion will improve the appeal of the segment.
Although affordable housing is in high demand, many buyers have been hesitant to purchase land due to a lack of parking space. Having a parking space will therefore increase demand even more.
The project, which is part of the PMAY, has a total of 1,334 units, with prices starting at Rs 25.26 lakh for a 2 BHK.
According to Rajat Goel, joint MD of MRG World, affordable housing is a popular trend among property buyers these days. Gurugram has a wide range of affordable housing options, but it lacks amenities, which the new project will address.
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