MRG Group to invest Rs 250 crore in affordable housing project in Gurugram
Real estate developer MRG Group will invest Rs 250 crore in its first affordable housing project in Sector 90, Gurugram.
The project, part of Haryana government’s Affordable Housing Policy will spread over 5.2625 acre and offers 769 units, with sizes of 622.116 sq ft, 623.193 sq ft, and 645.797 sq ft with price starting at Rs 32 Lakh.
«The project is located on a 99-meter-wide road within a 2-minute drive from NH-48 (NH-8) and Dwarka Expressway, residents will be well-connected to major business centres, entertainment hubs, and retail destinations.
Further, walking distance from the proposed metro station and a 20-minute drive from IGI Airport makes it an idyllic residential area for frequent travellers,” said Rajjath Goel, Managing Director of MRG Group.
Haryana government’s affordable housing policy where the state government allots apartments constructed by developer at a fixed rate, is likely to gain traction again as the cabinet increased the allotment rates by 20%.
Due to the substantial increase in the cost of raw material, developers have been demanding that the state government amend the rate as projects were becoming unviable.
As per the latest amendment, the rates prescribed in the policy for the hyper and high potential zone (Gurugram, Faridabad, Panchkula, Pinjore-Kalka) have been increased by Rs 800 per sq feet on carpet area over the previous rate which was Rs 4,200.
For other high and medium potential towns, it has been proposed to increase Rs 700 square feet while Rs 600 per sq ft will be increased for low potential towns.
