20 Acres for Shapoorji Pallonji Affordable Housing Delhi Project

Shapoorji Pallonji Real Estate, will be building a 2 million-square feet affordable housing project on 20 acres of land it bought near the Dwarka Expressway in New Delhi.

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20 Acres for Shapoorji Pallonji Affordable Housing Delhi Project

Shapoorji Pallonji Affordable Housing Delhi: Delhi NCR is about to get a new affordable housing project built by a private firm Shapoorji Pallonji.

Shapoorji Pallonji Group’s real estate arm, Shapoorji Pallonji Real Estate, will be building a 2 million-square feet affordable housing project on 20 acres of land it bought near the Dwarka Expressway in New Delhi from builder BPTP Ltd, Livemint reported on Tuesday while citing sources familiar with the development. According to the sources, the affordable homes will be built under the real estate firm Joyville brand.

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In January of 2016, Shapoorji Pallonji forayed into the affordable housing segment by launching a separate vertical under the brand ‘Joyville’, which will build low-cost residential units across the country. The company joined hands with Standard Chartered Private Equity, International Finance Corporation (IFC), and the Asian Development Bank (ADB) for investing in the segment.

As many as 62 per cent of the new launches in the real estate sector during the January-June 2017 period were in the affordable housing segment. During the first half of the year, the top seven cities – Bengaluru, Chennai, Hyderabad, Mumbai, Delhi-NCR, Pune, and Kolkata – recorded more than 60 per cent of total residential units supply in the affordable segment.

Centre announced a new Public Private Partnership (PPP) policy for affordable housing that allows extending central assistance of up to Rs 2.50 lakh per house to be built by private builders even on private land.

As reported earlier, the two PPP models for private investments in affordable housing on private lands include extending central assistance of about Rs 2.50 lakh per house as interest subsidy on bank loans as upfront payment under the Credit Linked Subsidy Scheme (CLSS) component of Pradhan Mantri Awas Yojana (Urban). Under the second option, central assistance of Rs 1.50 lakh per house to be built on private lands would be provided, in case the beneficiaries do not intend to take bank loans.

Source Link- http://www.business-standard.com/article/companies/shapoorji-pallonji-buys-20-acres-in-delhi-for-affordable-housing-project-117092600262_1.html

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