Salarpuria Sattva planning to invest INR 900 crore on Bengaluru projects, paving way to enter affordable housing
Salarpuria Sattva, one of the leading realty corporations in South India, is planning to set its foot in the affordable housing sector with a big investment of INR 900 crore in Bengaluru. The firm is headquartered in India’s IT capital and is planning to develop two major projects in the city.
While talking to Press Trust of India, Bijay Agarwal, Managing Director of Salarpuria Sattva said, “We are entering into the affordable housing segment. We are coming up with two projects to begin with.” He also added that the two projects comprise of about 2500 flats with a price range of Rs 25-60 lakhs per residential units, Rs 3500-4000 per square foot.
Located near Kempegowda airport and Mysore road, the projects are expected to beat the heat of demand slowdown in real estate. The company is expecting to launch the projects early next year.
One of the reasons why developers as well as buyers are getting attracted towards affordable housing is the government’s decision to charge lower GST and providing 1.5 lakh of deduction on home loans interest paid under the Income Tax act. It is expected that over 4.5 lakh of affordable housing units by the end of next year.
Over 110 projects have been completed by Salarpuria Sattva in various cities of India in about 30 years. The development of over 50 million sq. ft. of area has been completed by the company while 40 million sq. ft. is in progress. It is also worth noting that projects on 30 million sq. ft. of land in India is in the planning stage. The realty group has presence in various cities such as Hyderabad, Jaipur, Kolkata, Pune, etc.