Salarpuria Sattva announces ₹600-cr projects in Bengaluru

Salarpuria Sattva is set to start the development of three new projects in Bengaluru at an investment of ₹600 crore, MD Bijay Agarwal informed. The housing sales and construction activities were adversely affected during April-May, but from June onwards the situation is improving. The company targets to sell its ready-to-move-in residential units worth around ₹1,300 crore across various projects over the next one and half years. The three projects put together will have around 1,200 units, including 500 plots. One of the projects will be in the affordable housing category with the expected revenue of about ₹700-750 crore. The need for homeownership and larger flats has increased because of work from home and online classes. Last year, Salarpuria Sattva group entered into the affordable housing segment, which is being promoted by the central government with various tax incentives and GST rate of only one per cent. On commercial portfolio, the construction work is going on in projects having 12 million sq ft area and the company plans to start the construction on another 8 million sq ft next year.