Dhaval Ajmera, director of Ajmera group shared the news of stepping into the affordable housing segment. This Mumbai-based real estate company is making an investment of Rs. 250 crores to build a residential project in Bengaluru under affordable housing segment. This project will be constructed by the Ajmera group in collaboration with the local developer on 10.2 acres of land.
Director Dhaval Ajmera also said that being the first of its kind, this project will be developed in North Bengaluru and the group plans to have 300 residential units initially which will have 2BHK apartment covering space from 400-700 Sq. ft.
Bengaluru is not a new city to plan project for the Ajmera group as they have already delivered 2.6 million sq.ft. area here but the concept under which the project is planned is definitely new for the group. The Government support, subsidies and the Credit-linked Subsidy scheme are some of the reasons that are attracting private realty players to construct residential projects under the Pradhan Mantri Aawas Yojna also known as PMAY. In fact, the low GST rates and affordable housing funds are the main reason that both buyers and developers are getting attracted to.
According to a report, the sales figure for affordable housing in India has touched 13% in comparison to the last financial year. Earlier, an Ahmedabad-based Consulting firm reported a hike in investment in the Indian property market by 2020 and the investments from High Networth Individuals [HNI] is also expected to witness an increase by 20-30% in the near future.