Giving a push to the Haryana Government's affordable housing policy, Signature Global, one of the key stakeholder of financial investment firm SMC Group, will invest Rs 950 crore in to develop 5,000 low-cost homes in Gurgaon. The company has completed allotment of 5,005 housing units in five projects through draw of lots of applicants.
Developing the five projects will cost the company about Rs 950 crore. In May this year, the company had raised Rs 150 crore from ICICI Prudential's real estate fund for development of five ongoing and future affordable housing projects. It has commenced construction work in three of its projects and will soon start work on the fourth one. While the government has given a four-year deadline to complete a project, the company expects to deliver it in three years, with the first project expected by the end of 2017.
The project is making use of innovative techniques like mivan shuttering, fly-ash bricks and ready-mix concrete (RMC) plant for fast construction. Further, the company is also exploring opportunities for affordable housing projects in other states that include Maharashtra, Gujarat and Uttar Pradesh.