Arihant earmarks Rs.4,000 cr for low cost units

Arihant Superstructure, which is a Mumbai-based builder, has set an astounding targets worth Rs.4,000 crore for the construction of affordable housing in Mumbai and Jodhpur, Chief Managing Director, Ashok Chhajer, said adding that his company will continue to focus on affordable housing as the segment is showing buoyancy and that it is developing close to 13 million sq.ft over the next seven years. The sops like interest subsidy and lower rate of interests augur well for the affordable housing. He added that the company was focusing extensively on Rajasthan and Mumbai areas as both these states have extensive housing needs. Almost 16% of the total urban housing units required by 2022 will come from Maharashtra and Rajasthan alone and the company is going all out looking at opportunities in other States as well. The company has targeted a project realization worth Rs.6,000 crore. Among these new launches, as much as 40% of affordable housing projects were launched in Mumbai followed by Kolkata and Pune, claimed Cushman and Wakefield in its recent report claiming that the supply of affordable homes went up by 27% after the government accorded the sector the infrastructure status and extended interest subsidy.