Suntek Realty to pump in 1,000 cr in affordable projects
Sunteck Realty that had hitherto been offering premium residential projects, is planning to invest Rs 1,000 crore in affordable housing projects over the next two years besides setting up a separate vertical for value homes.
The new vertical of the company will be dedicated to building affordable housing projects in Thane, Kalyan and Navi Mumbai.
The shift is in response to the infrastructure status accorded to affordable housing in the Union Budget this year. This will enable developers to access institutional funding at lower interest rates and tax exemptions. “Given the tax incentives and other benefits offered by the government, homebuyers in this category will also get up to 10 per cent benefit on pricing,” said Kamal Khetan, CMD, Sunteck Realty.
The group is already in talks with three land owners to develop such projects under joint development agreements.
Budget homes from HDIL
One of the largest real estate companies in the country, Housing Development and Infrastructure Limited (HDIL), will soon launch its new budget homes brand in Mumbai Metropolitan Region (MMR).
Through this brand, HDIL aims at making quality housing at affordable prices accessible to a wider section of people. Under this brand, HDIL will provide affordable homes within Rs 50 lakh inclusive of stamp duty and registration in Mumbai Suburbs and within Rs.20 lakh including stamp duty and registration charges in Vasai – Virar region.
Commenting on the announcement, Mr. Sarang Wadhawan, Vice Chairman & Managing Director, HDIL said “HDIL is committed in its endeavor to cater to the housing requirements of all sections of society. This brand is in continuation with our mission to provide affordable houses with the state-of-the-art amenities and comfort to our buyers. “
The recent announcement by the Union Government to grant infrastructure status to affordable housing is a welcome move as it would ensure easy access to institutional credit and help in reducing developers’ cost of borrowing for affordable projects. The approval process would be simplified with clear guidelines and transparency.
With a land reserve of 200.80 million square feet as on September 30, 2016, HDIL has about three decades of experience in the real estate and infrastructure domain having developed over 100 million sq. ft. area of commercial, residential and retail space.
The Company has been a major player in Mumbai Realty with 90% land Reserves in the Mumbai Metropolitan Region (MMR) and a market leader in Residential and SRA projects.
