Ganga Realty to invest Rs 750 cr to build affordable housing project

23 Mar 2023 CW Team

Ganga Realty will invest Rs 750 crore to construct an affordable housing project in Gurugram.

The company will build 2,972 apartments in the new 'Tathastu' project, which will span 22 acres in Sector 5, Sohna-Gurugram. The apartment is priced starting at Rs 25 lakh.

"The company will invest Rs 750 crore in the development of an affordable housing project," Ganga Realty stated in a statement.

The total project cost, according to Vikas Garg, Joint Managing Director of Ganga Realty, is Rs 750 crore, which will be funded through internal accruals and customer advances.

The project is set to be completed in the first quarter of 2027.

Garg stated that Sohna is primarily a market driven by end users.

Signature Global, a real estate firm, is a market leader in the affordable housing segment in Gurugram.

According to property consultant Anarock, sales of residential properties in Gurugram will more than double to 32,617 units by 2022 due to increased demand across all price categories, including affordable, mid-income, and luxury.

During the fiscal year 2021, Gurugram's housing sales totaled 15,590 units.

Overall, housing sales in the Delhi-NCR increased by 59% to 63,712 units in 2022, up from 40,053 units the previous year.

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