Realty firm Signature Global, which is into development of affordable homes, will invest Rs 500 crore to develop two housing projects in Gurgaon as the company expects better demand after the government announced an interest subsidy under the Pradhan Mantri Awaas Yojna.
The company last week launched two affordable housing projects comprising 2,405 units in a price range of Rs 18-24 lakh, Signature Global Chairman and Co-Founder Pradeep Aggarwal said.
Signature Global, one of the key stakeholders of financial investment firm SMC Group, is already constructing five housing projects comprising over 5,000 dwelling units in Gurgaon under the Haryana government's affordable housing policy.
Aggarwal said that the units in the two projects would be allocated to applicants through lottery and exuded confidence that the projects would be oversubscribed. Asked about the funding, he said the investments would be met through internal accruals and Rs 150 crore raised from ICICI Prudential real estate fund last year.