Affordable housing: MRG World plans Rs 350 cr investment in Gurugram
Real Estate

Affordable housing: MRG World plans Rs 350 cr investment in Gurugram

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.

Image Source


Also read: Affordable rental housing: DDA nods scheme under Delhi master plan

Also read: Smart Cities Mission brings together government schemes on affordable housing

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. Image Source Also read: Affordable rental housing: DDA nods scheme under Delhi master plan Also read: Smart Cities Mission brings together government schemes on affordable housing

Next Story
Infrastructure Energy

REC Transfers HVDC Project to Power Grid

REC Limited has successfully handed over the Special Purpose Vehicle (SPV) for a High-Voltage Direct Current (HVDC) transmission project to Power Grid Corporation of India Limited (PGCIL). This strategic move aligns with the nation's objectives to strengthen its power transmission network. Key Highlights: Project Overview: The HVDC project, under the inter-state transmission system (ISTS) initiative, is a critical component of India's push toward robust and efficient electricity transmission. It aims to handle bulk power transfer across long distances while ensuring minimal losses. Role of RE..

Next Story
Infrastructure Transport

NF Railway Collaborates with IIT Guwahati

The Northeast Frontier (NF) Railway has signed strategic Memorandums of Understanding (MoUs) with IIT Guwahati to foster technological advancements and improve railway operations in the region. This partnership focuses on innovative solutions to enhance safety, efficiency, and sustainability in rail infrastructure. Key Highlights: Purpose of MoUs: The collaboration aims to leverage IIT Guwahati's expertise in technology and research for implementing cutting-edge solutions across railway operations. Key areas of focus include: Automation and digitization in maintenance. Sustainability initiati..

Next Story
Infrastructure Transport

Danapur Division Modernization Plans Revealed

The Railway Board has unveiled ambitious plans for the expansion and modernization of the Danapur Division, a critical hub under the East Central Railway. The initiative focuses on infrastructure development, enhanced passenger amenities, and operational efficiency. Key Highlights: Scope of Modernization: The Railway Board's blueprint emphasizes: Upgrading existing infrastructure to accommodate more passenger and freight traffic. Improving station facilities, such as platforms, waiting areas, and connectivity. Introducing advanced signal systems for safer and smoother operations. Freig..

Hi There!

"Now get regular updates from CW Magazine on WhatsApp!

Join the CW WhatsApp channel for the latest news, industry events, expert insights, and project updates from the construction and infrastructure industry.

Click the link below to join"

+91 81086 03000