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MRG World Launches Its First Project The Balcony

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MRG World Launches Its First Project The Balcony

MRG World forays into real estate sector with the launch of The Balcony in the affordable housing segment

MRG World has a pan India presence with its services operating in the agro sector, financial sector and education sector. And now, it has finally set its foot in the real estate sector with plans to tap the affordable housing segment. The Balcony is the name of the first affordable housing project to be undertaken by MRG World in Gurugram, Haryana. A whopping amount of Rs 200 crore is being invested in the development of this project. 731 apartments are planned in a five-acre plot under an affordable housing policy of Haryana government. The allocation of units is going to be done through a lucky draw.

The promoters of this group had association with realty firm Signature Global which is developing about 10 projects in Gurugram under the affordable housing policy. MRG World Joint MD Rajat Goel said that they have made an entry into the real estate with the launch of affordable housing project. Goel also added that the group would be launching five more projects this year in the affordable segment.

The price fixed for a 590 sq. ft. carpet area apartment is Rs 24 lakhs. Goel clarified that the total project cost is Rs 200 crore and the funds will find its way through internal accruals and advances from customers. The project boasts of a total built up area of five lakh and it will comprise of 8 towers with a total of 731 units.

The construction of the project is in progress and it will take four years for the project to be completed as stipulated under the housing policy of the Haryana government. The customers can apply for interest subsidy under the Pradhan Mantri Awas Yojana. MRG World Deputy MD Vikas Garg said that they chose affordable segment for their debut launch after observing the demand this sector is capable to generate.

Source: Business Standard, ETRealty

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