SHRI Group launches ₹600 cr realty project

In a bid to make the most out of the emerging demand scenario in affordable housing segment, SHRI group has decided to develop its third housing project in Greater Noida where the realty firm will develop 2,000 units at an investment of ₹600 crore. The company, which has executed about dozen projects in the Mathura region and Greater Noida (West), will sell flats in a price range of ₹18-35 lakh in this 8-acre project, director Ram Agrawal said, claiming that the project, which has been named as SHRI Sky Park, would be constructed as per the area norms laid down under the Pradhan Mantri Awaas Yojana (PMAY) so that the eligible buyers can claim subsidy from the government. In fact, real estate sector is facing a multi-year demand slowdown but in the recent past the demand for affordable housing has improved on the back of several positive measures announced by the Centre. The affordable housing segment has been given infrastructure status enabling real estate developers to access finance 1.09 % at lower interest rates. That apart, the Centre is also giving interest subsidy of around ₹2.5 lakh to home buyers under the PMAY scheme, he said.