Ajmera realty announces ₹250 cr low-cost units

Real estate developer Ajmera Group has forayed into affordable housing segment and has planned to build low-cost housing units entailing an investment of ₹250-crore in a residential project in Bengaluru. The company will execute the housing project — to come up on a 10.2-acre land parcel — jointly with a local developer, Dhaval Ajmera, director of Ajmera Group, said elaborating that in phase 1, it will build 300 units. Bengaluru is a key market and this is its maiden affordable housing project in north Bengaluru. The houses in this project will be spread over 400-700 sq.ft with one- and two-bedroom configurations. This is not the first time the group is executing a housing project in Bengaluru as it had earlier delivered about 2.6 million sq.ft, but not in the affordable housing segment. Several builders in the country are now moving into the affordable housing segment, drawn by government subsidies and schemes like affordable housing fund, lower GST rates and increased tenure of loans under credit-linked subsidy scheme (CLSS).