Sobha, the Bengaluru-based realtor plans to invest in the affordable housing project launched by the Central Government. The group is likely to invest Rs. 500 crore in the building of a residential project that is spread across 1.3 million sq.ft area of the GIFT City [Gujarat International Finance Tec-City] Gujarat.
According to an official, the company aims to meet the demand of residential units under “Housing for All” project. The management of the GIFT City, Gujarat, welcomed this initiate of building affordable homes by the Sobha developers and also stated that the growth in the commercial sector here gave a boost to residential projects too. The management further added that the investment by the Sobha group is one of the significant investments made by realtors here in the GIFT City, Gujarat.
The GIFT City is spread across 886 acres of land and has received a total investment of more than Rs 11,000 crore. Also, the Authority has allotted 16 million sq. ft. of built-up area for construction.
The PMAY Scheme [Pradhan Mantri Awas Yojna] is a credit link subsidy scheme under which the people of lower income group get a subsidy from the Central Government while buying a residential property. Under this project, the Central Government plans to build affordable homes for all by the year 2020.