Realty firm HomeKraft today said it will invest Rs 500 crore over the next five years to develop its first project in Greater Noida.
Last month, ATS group founder Getamber Anand launched a new venture HomeKraft to develop mid-income and affordable housing projects in a price range of Rs 30-70 lakh.
"We are launching our first housing project Happy Trails in Greater Noida. We have bought about 8.6 acres land where 1,239 flats will be constructed," said Prasoon Chauhan, CEO, HomeKraft.
The total project cost is estimated at Rs 500 crore and same would be funded through debt and internal accruals, he added.
Chauhan said the construction work will start next month and the project is expected to get completed in the next five years.
"We are launching about 500 units in the first phase. We have not fixed the price of the apartments. We are seeking expression of interest from prospective home buyers," he said, adding that rates would be in the range of Rs 45-70 lakh depending on the size.
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These apartments would qualify under the PMAY scheme, wherein, various concessional schemes of government like interest subvention under credit linked subsidy scheme (CLSS), concessions on GST are available. All these benefits would be passed on to the customer on the basis of their respective eligibility, and further reduce the cost of the apartment.
Affordable housing, which has been accorded with infrastructure status in Budget 2017, has gained momentum on the back of interest subsidy offered by the government and lower GST rates.
ATS has already delivered nearly 30 million square feet of residential space, and 40 million square feet is underway.