MRG realty unveils ₹200-cr project in NCR

Real estate building major, MRG World, has decided to invest ₹200 crore to develop its new housing project, The Meridian' in Gurugram, with a price tag of ₹21.7 lakh and ₹25.8 lakh per unit. The company, which is into financial services, agro-trading and education has recently forayed into the real estate sector. It will build 755 units in this 5.5-acre project and complete it by 2023. In view of a severe shortage of affordable housing options in Gurugram with world class amenities the new offering is an attempt to fill the void, said Joint MD, MRG World, Rajat Goel. The customers will get interest subsidy offered by the Centre under the PM Awas Yojana. In its first housing project 'Balcony' that was launched in Gurugram in June this year, the company is developing 731 apartments the affordable housing scheme of the Haryana government. Real estate developers across the country are focusing on the affordable housing segment to boost sales and beat a demand slowdown. Even the government is promoting this segment by charging only one percent GST and offering an additional tax deduction of ₹1.5 lakh on interest paid on home loans for a unit priced ₹45 lakh and below.